Benzinga | Oct 28, 2021 02:46PM EDT

Carrier Investments Drive American Tower's 22% Revenue Growth In Q3, Raises FY21 Outlook

* American Tower Corp (NYSE:AMT) reported third-quarter FY21 revenue growth of 21.9% year-on-year to $2.45 billion, beating the consensus of $2.41 billion. Property revenue increased 19.2% Y/Y to $2.37 billion.

* Tenant Billings grew 15% to $235 million. Organic Tenant Billings increased 4.9% to $76 million.

* EPS of $2.49 was up from $2.23 Y/Y.

* The company generated $2.1 billion in operating cash flow. It held $3.7 billion in cash and equivalents.

* "We saw strong demand trends across our global business in the third quarter, supported by carrier investments in network densification, new network technologies, and spectrum deployments," CEO Tom Bartlett said.

* Outlook: American Tower raised FY21 property revenue outlook from $8.985 billion - $9.135 billion, versus the prior view of $8.475 billion - $8.625 billion to $9.035 billion - $9.105 billion.

* Price action: AMT shares traded higher by 0.37% at $284.38 on the last check Thursday.