American Tower (NYSE: AMT) is on a roll. The company reported in its 2Q22 earnings call that all key operating metrics were up by either low double-digit or high single-digit percentages. Total property revenue came in at $2.6 billion, up 17 percent over the $2.2 billion in 2Q21. Net income jumped 20 percent YoY to nearly $900 million, Adjusted EBITDA reached $1.7 billion, a 13 percent YoY increase and consolidated AFFO grew 7 percent to $1.2 billion.
AMT is a global story that is the sum of its regional parts. The tower company was very active during the quarter, constructing 1,514 new towers, predominantly in India and Africa and acquiring another 118, mainly in Europe. The company also sold or decommissioned 762 poor performing sites in India and Latin America to bring its total tower count to 220,096 at the end of the quarter, an increase of nearly 4 percent from a year ago. This tally makes AMT the largest independent tower company in the world. Continue Reading