American Tower has revealed its revenue increased 2.4 percent to $2,834 million, while property revenue grew 3.3 percent to $2,804 million and net income rose 192.6 percent to $922 million in Q1 2024.
American Tower’s capital expenditures were approximately $402 million during the first quarter of 2024.
American Tower is targeting Capex of $1.545 billion in 2024. Outlook for Capex includes $100 million related to the company’s India operations. It also Includes the construction of 2,500 to 3,500 communications sites globally, including approximately 800 in India, and $450 million of development spend in the company’s Data Centers segment.
American Tower now expects full year 2024 property revenue between $11.08 billion and $11.26 billion, up from its prior forecast of $11.05 billion to $11.23 billion.
Telecom operators have increased spending on 5G network to cater to the growing demand for mobile data and other high bandwidth wireless services.
American Tower is seeing growing demand for its data center leasing business as more firms look to expand their digital infrastructure and take advantage of the artificial intelligence boom.
The telecom tower company’s property segment, which comprises of its site leasing business, accounted for nearly all of American Tower’s revenue last year.
Steven Vondran, American Tower’s Chief Executive Officer, stated, “The strong performance we saw in 2023, underscored by robust demand across our asset platforms, continued into the first quarter, resulting in Attributable AFFO per Share growth of nearly 10 percent.
“With visibility into accelerating activity across the U.S. and Europe, a continuation of elevated new business growth across many of our emerging markets, positive collection trends in India, and another strong quarter of signed leasing at CoreSite, our global business is positioned to deliver quality, recurring growth as we move through the year and over the long-term,” Steven Vondran said.
