American Tower reports Q2 EPS $1.02, consensus $1.10

Reports Q2 revenue $2.77B, consensus $2.73B…Reports Q2 AFFO $2.46, consensus $2.43. Tom Bartlett, American Tower’s Chief Executive Officer, stated, “The momentum from the start of the year carried on into the second quarter, as our customers continued to invest in their networks to meet growing demand. We saw Consolidated Organic Tenant Billings Growth exceed 6% for the second consecutive quarter, solid leasing in our U.S. Data Center segment, and demonstrated a focus on cost controls, all supporting strong growth and attractive margin expansion. Additionally, we delivered another quarter of approximately 10% dividend per share growth, while making significant progress toward strengthening our investment grade balance sheet. As a result, we are pleased to raise our full year outlook for property revenue, Adjusted EBITDA and Attributable AFFO. As the 5G investment cycle continues, we believe our portfolio of globally distributed communications assets is well positioned to drive sustained, elevated leasing growth, which combined with our focus on cost management, capital allocation discipline and dividend growth, sets us up well to deliver attractive shareholder returns over the long-term.”