SBA Communications Corp (SBAC) Tops Q1 EPS by 6c; Issues Solid Outlook

SBA Communications Corp (NASDAQ: SBAC) reported Q1 EPS of $0.01, $0.06 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $245.5 million versus the consensus estimate of $334.6 million.

Adjusted EBITDA in the first quarter of 2014 was $226.7 million compared to $187.7 million in the year earlier period, an increase of 20.7%. Adjusted EBITDA Margin was 67.8% in the first quarter of 2014 compared to 63.5% in the year earlier period.

Net Cash Interest Expense was $65.9 million in the first quarter of 2014 compared to $58.9 million in the year earlier period.

AFFO increased 21.8% to $153.8 million in the first quarter of 2014 compared to $126.3 million in the year earlier period. AFFO per share increased 20.4% to $1.18 in the first quarter of 2014 compared to $0.98 in the year earlier period.

"We had an excellent first quarter and expect another good year in 2014," commented Jeffrey A. Stoops, President and Chief Executive Officer. "Among many highlights in our first quarter, we are particularly pleased with our expense performance which produced industry leading Tower Cash Flow and Adjusted EBITDA margin results. Year-to-date leasing activity and current backlogs evidence very strong customer activity in all of our markets. As a result, we are able to make sizeable increases in our 2014 Outlook, which increases are driven almost entirely by organic activity. With our recently closed acquisition of 2,007 sites from Oi, Brazil now joins our U.S. and other markets as fully scaled and capable operations, well-positioned to continue to participate in the projected growth of wireless in their respective regions. Our balance sheet and liquidity positions are both sound, and give us plenty of resources to pursue additional quality portfolio growth opportunities. We believe 2014 will be another year of material growth in AFFO per share for SBA."

Sees Q2 revenue of $365.5 to $375.5 million, versus the consensus of $356.1 million. Sees FY 2014 revenues of $1.447 to $1.487 billion, versus the consensus of $1.43 billion.

For earnings history and earnings-related data on SBA Communications Corp (SBAC) click here.

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