AMT On Our Minds

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American-Tower-Corporation1American Tower will report second quarter earnings this morning before the market opens. They will host a conference call at 8:30 AM ET. Senior Analyst at Wells Fargo, Jennifer Fritzsche, shared her earnings preview. The firm estimates Q2 total revenue, adjusted EBITDA and AFFO/share [adjusted funds from operations] of $1.18 billion, $760.6 million and $1.21 vs. Street consensus of $1.18 billion, $756.3 million and $1.21, respectively.

The Wells Fargo analysts’ AFFO estimate is $509.9 million, up 7.6% year-on-year (y/y). They expect rental revenue of $1.16 billion, +15.4% y/y, and network services revenue of $18 million, down from $25.7 million y/y, and estimated total capex of $249 million, with $29 million in recurring capex. “We expect focus to be on its recently closed acquisition of Bharti Airtel’s towers and the company’s outlook on further inorganic growth opportunities,” Fritzsche wrote. “We note that while we expect FX [forex] to continue to provide headwinds, we expect it to be less sequentially in Q2. We look for color on leasing trends in the U.S. (especially on the recently acquired Verizon towers) and internationally, and any update on Big 4 wireless carrier leasing activity, especially on the heels of AT&T closing on its DirecTV acquisition. We also expect an update on AMT’s small cell activity, and any thoughts on the changing landscape now that ExteNet has changed ownership and recapitalized.”

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July 29, 2015 |
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