Carrier Investments Drive American Tower's 22% Revenue Growth In Q3, Raises FY21 Outlook

American Tower Corp AMT reported third-quarter FY21 revenue growth of 21.9% year-on-year to $2.45 billion, beating the consensus of $2.41 billion. Property revenue increased 19.2% Y/Y to $2.37 billion.
Tenant Billings grew 15% to $235 million. Organic Tenant Billings increased 4.9% to $76 million.
EPS of $2.49 was up from $2.23 Y/Y.
The company generated $2.1 billion in operating cash flow. It held $3.7 billion in cash and equivalents.
"We saw strong demand trends across our global business in the third quarter, supported by carrier investments in network densification, new network technologies, and spectrum deployments," CEO Tom Bartlett said.
Outlook: American Tower raised FY21 property revenue outlook from $8.985 billion - $9.135 billion, versus the prior view of $8.475 billion - $8.625 billion to $9.035 billion - $9.105 billion.
Price action: AMT shares traded higher by 0.37% at $284.38 on the last check Thursday.

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