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BOSTON - On Tuesday, American Tower Corporation (NYSE:AMT) reported third quarter 2025 results that exceeded analyst expectations, with revenue growing 7.7% to $2.72 billion compared to consensus estimates of $2.66 billion.
The company’s shares rose 1.01% in pre-market trading following the announcement.
The communications infrastructure REIT delivered adjusted funds from operations (AFFO) of $2.78 per share, showing solid growth from the same period last year. Total property revenue increased 5.9% to $2.62 billion, driven by strong organic tenant billings growth of 5.0% across its tower portfolio.
The company’s data center segment was a particular bright spot, with revenue jumping 14.1% year-over-year to $267 million. Management highlighted "record retail new leasing" in this division, citing strong hybrid-cloud demand, favorable pricing, and rising AI-related workloads.
"We delivered another strong quarter, resulting in mid-to-high single-digit growth in revenue and Adjusted EBITDA, and double-digit growth in AFFO per Share, as adjusted," said Steven Vondran, American Tower’s Chief Executive Officer. "Our unmatched portfolio of digital infrastructure continues to benefit from rapid growth in global data demand."
Net income surged 216.9% to $913 million, though this dramatic increase was primarily due to foreign currency losses in the prior-year period. Adjusted EBITDA increased 7.6% to $1.82 billion, with margins holding steady at 66.8%.
American Tower maintained its disciplined capital allocation strategy, declaring a quarterly dividend of $1.70 per share, representing 4.9% year-over-year growth. The company also raised its full-year 2025 outlook for property revenue, Adjusted EBITDA, and AFFO per share, partly due to positive foreign currency exchange rate fluctuations.
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