Summary by Moomoo AI
American Tower Corporation reported strong Q2 2024 results with revenue increasing 5% to $2.9 billion and net income surging 97% to $908.4 million. Property revenue grew 5% to $2.85 billion, driven by solid performance across segments, with Asia-Pacific showing notable growth of 38% and Data Centers up 13%. Adjusted EBITDA rose 8% to $1.89 billion.The company completed strategic financing activities, including a $2.4 billion senior notes offering and repayment of various notes. Operating cash flow strengthened to $2.62 billion for the first half of 2024, up from $2.28 billion in the prior year. The company maintained a strong liquidity position with $9.17 billion available through cash and credit facilities as of June 30, 2024.Management extended tower asset useful life estimates from 20 to 30 years, resulting in an expected $730 million decrease in depreciation expense for 2024. The company declared a quarterly dividend of $1.62 per share and continued progress on its India business strategic review, including the pending sale of ATC TIPL to Data Infrastructure Trust for approximately $2.5 billion.
