American Tower, a leading telecom tower company, has reported 4 percent increase in revenue to $2.767 billion with net income of $315 million for the quarter ended March 31, 2023.
American Tower said Q1 2023 growth rates impacted by foreign currency losses of approximately $84.1 million in the current period as compared to foreign currency gains of approximately $242.1 million in the prior-year period.

American Tower said Q1 2023 growth rates impacted by the company’s sale of Mexico Fiber for $252.5 million, which resulted in a loss of approximately $80 million.

American Tower’s capital expenditures were approximately $473 million during the first quarter of 2023.

Tom Bartlett, American Tower’s Chief Executive Officer, said: “We saw an acceleration in Tenant Billings Growth, another record quarter of signed new business at CoreSite and our 11th consecutive quarter of delivering over 1,000 built sites.”

American Tower is targeting Capex of $1.65 billion in 2023.

American Tower is targeting property revenue of $10.665 billion in 2023 with annual growth of 2.7 percent.

American Tower said the delay in clearing bills by Vodafone Idea (Vi), a telecom operator in India, will negatively impact its financial performance.

American Tower’s property revenue will include U.S. & Canada segment property revenue of $5,115 million to $5,175 million, international property revenue of $4,740 million to $4,840 million and Data Centers segment property revenue of $810 million to $830 million, reflecting midpoint growth rates of 2.8 percent, 2.0 percent and 7.0 percent, respectively.