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SBA Communications: 2Q Earnings Snapshot

July 29, 2019

BOCA RATON, Fla. (AP) _ SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $240.1 million, or $2.09 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.03 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 $32 million, or 28 cents per share.

The communications tower operator, based in Boca Raton, Florida, posted revenue of $500.1 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $491.5 million.

SBA Communications expects full-year funds from operations in the range of $8.20 to $8.60 per share, with revenue in the range of $1.97 billion to $2.01 billion.

The company’s shares have risen 46% since the beginning of the year. In the final minutes of trading on Monday, shares hit $236.92, a rise of 48% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBAC at https://www.zacks.com/ap/SBAC

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