American Tower Corp (NYSE: AMT) reported fourth-quarter FY22 revenue growth of 10.6% year-on-year to $2.705 billion Thursday, beating the consensus estimate of $2.68 billion.

Property revenue increased 11.2% Y/Y to $2.645 billion.

Tenant Billings grew by 5.7%, and Organic Tenant Billings increased by 4.7%.

AFFO per share attributable was $2.34, up by 11.4% Y/Y.

The company generated $519 million in free cash flow. It held $2 billion in cash and equivalents.

CEO Tom Bartlett stated, “We closed out 2022 with another quarter of strong performance, including double digit AFFO per Share and common stock dividend growth. Throughout the year, we saw compelling organic leasing trends, accelerated new site construction and achieved a record year of signed new business within our CoreSite business.

FY23 Outlook: American Tower sees property revenue of $10.685 billion-$10.865 billion.

It sees AFFO per share of $9.49-$9.72 (consensus $10.58).

AMT Price Action: AMT shares closed lower by 2.57% at $199.40 on Wednesday.

Photo from Pixabay.