SBA Communications: 2Q Earnings Snapshot
BOCA RATON, Fla. (AP) _ SBA Communications Corp. (SBAC) on Monday reported a second-quarter loss of $57.4 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Boca Raton, Florida-based company said it had a loss of 50 cents. Earnings, adjusted for non-recurring costs, were 1 cent per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The communications tower operator posted revenue of $456.3 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $457 million.
SBA Communications expects full-year revenue in the range of $1.82 billion to $1.86 billion.
SBA Communications shares have dropped 3 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $158.21, a climb of 15 percent in the last 12 months.