This Giant REIT Is Making Merry Thanks To US Data Center Business Growth, Shares Surge
Portfolio Pulse from Anusuya Lahiri
American Tower Corp (NYSE: AMT) reported Q3 FY23 revenue growth of 5.5% YoY to $2.82 billion, beating the consensus estimate of $2.76 billion. Property revenue increased 7% YoY to $2.79 billion. The company generated $892 million in free cash flow and held $2.23 billion in cash and equivalents. CEO Tom Bartlett announced his retirement effective February 1, 2024, with Steve Vondran set to succeed him. The company raised its FY23 property revenue forecast and AFFO per share. AMT shares traded higher by 8.42% at $175.57.
October 26, 2023 | 6:06 pm
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American Tower Corp reported strong Q3 FY23 results, beating estimates, and raised its FY23 forecast. The announcement of CEO Tom Bartlett's retirement and Steve Vondran's succession may bring some uncertainty. AMT shares traded higher by 8.42%.
The company's strong Q3 FY23 results and raised forecast are positive signals for investors, driving the stock price up. However, the CEO's retirement announcement may introduce some uncertainty in the short term.
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