WASHINGTON (dpa-AFX) - American Tower Corp. (AMT) reported Tuesday that its fourth quarter Nareit Funds From Operations or FFO attributable to stockholders surged 96 percent to $1.68 billion from $857.9 million last year.
Adjusted FFO or AFFO attributable increased 1.7 percent to $1.09 billion or $2.32 per share from last year's $1.07 billion or $2.29 per share.
AFFO attributable to stockholders, as adjusted, increased 10.7 percent to $1.09 billion or $2.32 per share from $983 million or $2.10 per share a year ago.
In the quarter, net income attributable to AMT stockholders surged to $1.23 billion from prior year's $84.9 million. Earnings per share were $2.62, compared to $0.18 last year.
On a continuing operations basis, prior year's net income was $10.4 million or $0.02 per share.
Total operating revenues increased 3.7 percent to $2.55 billion from last year's $2.46 billion.
The Wall Street analysts, on average, expected the company to report earnings of $1.98 per share on revenues of $2.51 billion.
Total property revenue increased 2.0 percent to $2.484 billion.
Looking ahead, for fiscal 2025, the company projects net income attributable to stockholders of $2.96 billion to $3.05 billion, a mid-point growth of 33.3 percent from last year.
AFFO attributable to stockholders would be $4.83 billion to $4.92 billion, down 1.2 percent and AFFO per share of $10.31 to $10.50, down 1.3 percent.
AFFO, as adjusted, would grow 4.6 percent, while AFFO, as adjusted, per share would grow 4.4 percent.
Total property revenue would be $9.92 billion to $10.07 billion, up 0.6 percent.
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