![]() In the first quarter, American Tower generated $1.07 billion of cash from operating activities, jumping 61.3% year over year. The operating profit was $28 million and the operating profit margin was 53% in the January-March quarter. We expected the same to be $60.6 million. Revenues totaled $53 million in the reported quarter, down from $60 million in the prior-year quarter. Newly formed Data Centers added $203 million to Property revenues, up 10.3% from $184 million in the prior-year period. Total international revenues amounted to $1.22 billion, rising 3.4%. In the Property segment, revenues from the United States and Canada totaled $1.29 billion, up 4.5% year over year. The operating profit was $1.79 billion, and the operating profit margin was 66%. Our estimate for the same stands at $2.63 billion. Revenues were $2.71 billion, up 4.4% on a year-over-year basis. The remaining amount reflects cash paid in association with the sites acquired in 2022. Of this, $10 million was spent for the purchase of eight communications sites and other communications infrastructure assets in the United States, Canada, Poland and Spain. In the reported quarter, AMT spent roughly $61 million on acquisitions. The adjusted EBITDA margin was 63.7% in the quarter. Quarter in DetailĪdjusted EBITDA was $1.76 billion, up 8.6% from the prior-year period. On a year-over-year basis, while total revenues improved 4%, AFFO per share was lower than the prior-year quarter’s tally by a penny. We estimated the same to be $2.69 billion. The company has clocked in total revenues of $2.77 billion, outpacing the Zacks Consensus Estimate of $2.74 billion. American Tower recorded healthy year-over-year organic tenant billings growth of 6.4% and total tenant billings growth of 7.3%. Results reflect improving revenues across its Property segment. The figure also surpassed our estimate of $2.44. Shares of American Tower Corporation ( AMT Quick Quote AMT - Free Report) are up 1.44% in the pre-market session after it reported first-quarter 2023 adjusted funds from operations (AFFO) per share, attributable to AMT common stockholders, of $2.54, beating the Zacks Consensus Estimate of $2.38.
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