Benzinga | Jul 29, 2021 11:20AM EDT

American Tower Beats On Q2 Revenue Aided By Property Revenue Growth

* American Tower Corp (NYSE:AMT) reported second-quarter FY21 revenue growth of 20.2% year-on-year to $2.3 billion, beating the analyst consensus of $2.19 billion.

* Property revenue increased 17.9% Y/Y to $2.2 billion, and Services revenue grew 232.8% to $65.9 million.

* Tenant Billings grew 10.7% to $165 million. Organic Tenant Billings increased 4.8% to $7.4 million.

* Consolidated AFFO per share was $2.42, and EPS was $1.65.

* The company generated $952 million in operating cash flow. It held $1.9 billion in cash and equivalents.

* Secular growth trends in mobile continued to support meaningful carrier capital investment and wireless network technology advancements throughout its footprint in Q2, CEO Tom Bartlett stated.

* In addition to delivering double-digit growth in AFFO per share and 15% dividend growth, the company added nearly 27,000 sites through its Telxius Towers acquisition in the quarter.

* Outlook: It sees FY21 property revenue of $8.985 billion - $9.135 billion, versus the prior view of $8.475 billion to $8.625 billion. The company raised the midpoint of its outlook, primarily due to the impacts of its Telxius acquisition.

* Price action: AMT shares traded higher by 0.06% at $285.14 on Thursday.