SBA Communications: 2Q Earnings Snapshot
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.