Steve Dodge‘s legacy in the media world extends not only to the radio stations his American Radio Systems once owned, but also to the successful American Tower Corp., which he founded in 1995.
American Tower late Thursday released its Q3 results, and they were positive, beating the Street. On Friday, however, AMT shares were poised to finish down 1.5% amid short-term concerns the stock is overvalued.
In Q3, American Tower’s quarterly funds from operations (FFO) of $2 per share, beating the Zacks Consensus Estimate of $1.96 per share. This compares to FFO of $1.85 per share a year ago.
Revenues of $1.95 billion for the quarter ended September 2019 also beat the Zacks Consensus Estimate by 5.04%. This compares to year-ago revenues of $1.79 billion.
American Tower President/CEO James Taiclet noted on his company’s Q3 earnings call that it generates two-thirds of its revenue from the U.S., “where many exciting and potentially impactful developments, particularly on the 5G front, are beginning to emerge.”
He spoke at length about 5G, not mentioning NEXT GEN TV in any way.
In fact, all of the discussion was on wireless services, and the pending T-Mobile/Sprint merger.
More than 700 U.S. radio stations use towers owned by American Tower.
At 3:41pm Eastern, AMT was down 1.5% to $214.88. It recently reached a record high of $242 and is up from $105.01, registered exactly five years ago today.