CyrusOne (CONE) Tops Q1 EPS by 13c, Revenues Miss; Lowers FY20 Revenue Guidance

CyrusOne (NASDAQ: CONE) reported Q1 EPS of $0.13, $0.13 better than the analyst estimate of $0.00. Revenue for the quarter came in at $245.9 million versus the consensus estimate of $249.03 million.

“First and foremost, our thoughts and well wishes go out to the people most directly impacted by COVID-19, particularly those who have lost loved ones, and we want to thank our first responders and healthcare professionals that are on the front line,” said Tesh Durvasula, interim president and chief executive officer of CyrusOne. “We had very strong financial and operational performance in the quarter, with high growth across key metrics and the second highest leasing total in the company’s history, including a significant contribution from Europe as demand for larger deployments there continues to accelerate. The nearly $90 million revenue backlog enhances our growth profile, and the company is very well positioned with a strong balance sheet, substantial liquidity including available forward equity, and capacity throughout our markets.”

GUIDANCE:

CyrusOne sees FY2020 revenue of $1.01-1.045 billion, versus the consensus of $1.04 billion.

CyrusOne is updating guidance for full year 2020, tightening the guidance range and decreasing the midpoint for Total Revenue and Lease and Other Revenues from Customers, and widening the guidance range and decreasing the midpoint for Adjusted EBITDA. The annual guidance provided below represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base, and the supply and demand dynamics of the markets in which CyrusOne operates. The COVID-19 pandemic is evolving rapidly and the potential impact on our business is uncertain and unpredictable.

For earnings history and earnings-related data on CyrusOne (CONE) click here.

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