American Tower Corporation (NYSE:AMT) Q3 2023 Earnings Call Transcript

American Tower Corporation (NYSE:AMT) Q3 2023 Earnings Call Transcript October 26, 2023

American Tower Corporation misses on earnings expectations. Reported EPS is $1.26 EPS, expectations were $2.35.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the American Tower Third Quarter 2023 Earnings Conference Call. As a reminder, today’s conference call is being recorded. Following the prepared remarks, we will open the call for questions. [Operator Instructions] I would now like to turn the call over to your host, Adam Smith, Senior Vice President of Investor Relations. Please go ahead, sir.

Adam Smith: Good morning, and thank you for joining American Tower’s third quarter 2023 earnings conference call. We have posted a presentation, which we will refer to throughout our prepared remarks under the Investor Relations tab of our website www.americantower.com. On this morning’s call, Tom Barlett, our President and CEO will discuss current technology trends, and how our distributed portfolio of assets is positioned to benefit from ongoing wireless technology evolution. And then Rod Smith, our Executive Vice President, CFO and Treasurer will discuss our Q3 2023 results and revised full year outlook. We are also joined on the call today by Steve Vondran, our current Executive Vice President and President of our U.S. Tower division, who as announced this morning will assume the role of Global Chief Operating Officer effective November 1, before assuming the role of our President and Chief Executive Officer on February 1, 2024.

Aerial view of a retail property owned by the real estate investment trust.

After these comments, we will open up the call for your questions. Before we begin, I’ll remind you that our comments will contain forward-looking statements that involve a number of risks and uncertainties. Examples of these statements include our expectations regarding future growth, including our 2023 outlook, capital allocation and future operating performance; our collections expectations associated with Vodafone Idea in India and any other statements regarding matters that are not historical facts. You should be aware that certain factors may affect us in the future and could cause actual results to differ materially from those expressed in these forward-looking statements. Such factors include the risk factors set forth in this morning’s earnings press release, those set forth in our Form 10-K for the year ended December 31, 2022, as updated in our Form 10-Q for the six months ended June 30, 2023, and in other filings we make with the SEC.

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We urge you to consider these factors and remind you that we undertake no obligation to update the information contained in this call to reflect subsequent events or circumstances. With that, I’ll turn the call over to Tom.

Tom Bartlett: Thanks, Adam. Good morning, everyone. And my focus for today’s call will be on the technology trends and network investments that drive demand for our leading tower and data center platforms as well as the developments we’re seeing at the edge. While my comments will largely be focused on the 5G evolution and the progress we’re seeing in the United States, we believe similar trends will prevail across our international footprint as they have historically. Beginning with our macro tower business, the fundamental factor that drives demand for our global power portfolio, growth in mobile data consumption continues unabated. This is true both in the United States and across the globe, where mobile network data traffic has almost doubled over the last two years alone to a staggering 126 exabytes per month.

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