American Tower Corporation (NYSE: NYSE: AMT ) showcased a strong performance in the first quarter of 2024, attributing its success to the uptick in mobile network upgrades and the ongoing digital transformation trends. The company's tower business in the US and Canada reported growth, and its services segment performed beyond expectations. With the continued rollout of 5G and an increase in mobile data usage, American Tower anticipates sustained demand for its assets.
The company's strategic focus on asset quality, operational excellence, and effective contract structures has been pivotal to its success. The earnings call also provided updates on the sale of its India business and the management of its optionally convertible debentures. American Tower is optimistic about driving growth and delivering shareholder returns in 2024 and the years to follow.
Key Takeaways American Tower's organic tenant billings grew by 5.4%. The company's data center business revenue increased by 10.
6%. American Tower revised its 2024 outlook upward, expecting higher property revenue and adjusted EBITDA. CoreSite's application pipeline surged by 70% from the previous quarter.
The company is not actively seeking to sell assets but is open to divesting non-strategic businesses. Dividend growth is projected to resume in 2025, pending board approval. American Tower is waiting for regulatory approval for its deal in India, expected in the second half of the year.
Company Outlook American Tower revised .
