American Tower Raises Guidance After Agreement with AT&T
September 03 2019 - 10:03AM
Dow Jones News
By Dave Sebastian
American Tower Corp. (AMT) on Tuesday raised its full-year
guidance after the real-estate investment trust struck an agreement
with AT&T Inc. (T) that streamlines wireless-network
deployments on American Tower's U.S. sites.
American Tower said it sees full-year net income to be between
$1.73 billion and $1.8 billion, up from its previous guidance of
$1.59 billion to $1.66 billion.
It said it expects total property revenue to be between $7.34
billion and $7.47 billion, up from its previous guidance of $7.21
billion to $7.34 billion.
Through the pact, American Tower said it expects about $135
million in additional straight-line revenue for the fiscal
year.
The company also raised its guidance for adjusted earnings
before interest, taxes, depreciation and amortization to between
$4.63 billion and $4.71 billion from between $4.49 billion and
$4.57 billion.
American Tower said it backs its outlook for organic tenant
billings to grow 4% during the year and for consolidated adjusted
funds from operations to be between $3.46 billion and $3.53
billion.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
September 03, 2019 09:48 ET (13:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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