American Tower Raises Guidance After Agreement with AT&T

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 [e-mail]

(END) Dow Jones Newswires

September 03, 2019 09:48 ET (13:48 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.