SBA Communications: 3Q Earnings Snapshot
BOCA RATON, Fla. (AP) _ SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $270.1 million, or $2.38 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.32 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $22.6 million, or 20 cents per share.
The communications tower operator, based in Boca Raton, Florida, posted revenue of $522.9 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $516.8 million.
SBA Communications expects full-year funds from operations in the range of $9.27 to $9.50 per share, with revenue in the range of $2.07 billion to $2.09 billion.
The company’s shares have risen 21% since the beginning of the year. In the final minutes of trading on Monday, shares hit $292.60, an increase of 22% in the last 12 months.