American Tower Corporation (REIT) (AMT) shares lost 0.04% in after-hours on Thursday, July 29, 2021, and closed the daily trading at $282.88 per share. in the regular trading on Thursday, AMT’s stock lost 0.69%. AMT shares have risen 4.32% over the last 12 months, and they have moved up 0.50% in the past week. Over the past three months, the stock has gained 13.01%, while over the past six months, it has shed 23.95%. AMT has a current market of $126.78 billion and its outstanding shares stood at 444.49 million.
Let’s have a brief look at its recent developments.
AMT financial results announcement
On July 29, 2021, American Tower Corporation (AMT) announced its financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- AMT reported revenue of $2,299 million for Q2 2021 compared to $1,913 million in Q2 2020.
- Total operating expenses were $1,449.7 million in Q2 2021 compared to $1,221.7 million in Q2 2020.
- Net income was $748 million in Q2 2021 compared to $448.5 million in Q2 2020.
- Consolidated AFFO was $1,097 million in Q2 2021 compared to $924.1 million in Q2 2020.
- Adjusted EBITDA was $1,476 million in Q2 2021 compared to $1,212 million in Q2 2020.
AMT FY 2021 update financial guidance
For FY 2021, AMT is expecting
- Total revenue in the range of $8,985 to $9,135 million.
- Net income in the range of $2,410 to, $2,510 million.
- Adjusted EBITDA in the range of $5,860 million to $5,960 million
AMT sold 10% stake in ATC Europe to Allianz
On June 17, 2021, American Tower Corporation (AMT) announced to sell its 10% stake in ATC Europe to Allianz Capital Partners. The deal is valued at more than €530 million, giving ATC Europe an enterprise value of more than €8.8B.
American Tower will keep the managerial and operational control, and the daily oversight of ATC Europe, while Allianz will secure seats on ATC Europe’s Boards alongside certain governance rights.
AMT participation in the recent investor conferences
American Tower Corporation (AMT) recently participated in the Credit Suisse 23rd Annual Communications Conference, which was held on Monday, June 14, 2021. The company was presented by its Executive Vice President and Chief Financial Officer and Treasurer, Rod Smith, during the conference.
The company also participated in Nareit’s REITweek: 2021 Virtual Investor Conference, which was held on Wednesday, June 9, 2021.
AMT completed the Telxius Towers acquisition
On June 3, 2021, American Tower Corporation (AMT) closed the Latin American tranche of its Telxius Towers acquisition, comprised of over 7,000 communications sites in Brazil, Peru, Chile, and Argentina.
The acquisition was valued at approximately €0.9 billion. The closing was funded by a combination of cash on hand and borrowings under the Company’s revolving credit facilities and term loans.
Conclusion
The financial results could be the reason behind its minor loss on Thursday, though the results were not bad at all. We hope that AMT will end the weekly trading on a positive note.
