American Tower Reports Strong Q2 Performance With Revenue Growth Across Segments, Raises FY23 Outlook

American Tower Corp (NYSE: AMT) reported second-quarter FY23 revenue growth of 3.6% year-on-year to $2.77 billion, beating the consensus estimate of $2.73 billion.

Property revenue increased 4.4% Y/Y to $2.73 billion.

Tenant Billings grew by 7.2% and Organic Tenant Billings increased by 6.2%.

AFFO per share attributable was $2.46, a change of (2.0%) Y/Y.

The company generated $792 million in free cash flow. It held $2 billion in cash and equivalents.

"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," American Tower's CEO Tom Bartlett stated.

"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."

FY23 Outlook: American Tower raised property revenue forecast from  $10.665 billion-$10.845 billion to $10.790 billion-$10.970 billion.

It raised AFFO per share from $9.53-$9.76 to $9.61-$9.79.

AMT Price Action: AMT shares traded higher by 2.92% at $195.52 at publication Thursday.

Read Next: US GDP Expands At Booming 2.4% In Q2, Beating Estimates On Heels Of Latest Fed Rate Hike