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SBA Communications: Q1 Earnings Snapshot
By Ap News - Apr 29, 2024, 04:21 PM ET
Last Updated - May 27, 2024, 01:05 AM EDT
BOCA RATON, Fla. (AP) — BOCA RATON, Fla. (AP) — SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $357.4 million, or $3.29 per share, in the period.
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The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $3.30 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 $154.5 million, or $1.42 per share.
The communications tower operator, based in Boca Raton, Florida, posted revenue of $657.9 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $670.4 million.
SBA Communications expects full-year funds from operations in the range of $13.09 to $13.46 per share, with revenue in the range of $2.66 billion to $2.7 billion.
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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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