SBA Communications (SBAC) Misses Q4 EPS by 7c; AFFO Up 14%
SBA Communications (NASDAQ: SBAC) reported Q4 EPS of $0.04, $0.07 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $416.5 million versus the consensus estimate of $416.92 million.
Highlights of the fourth quarter include:
- Repurchased 3.4 million shares
- Net income of $5.3 million or $0.04 per share
- AFFO per share growth of 14% over the year earlier period
- Grew the portfolio to over 26,000 communication sites
“We had a solid finish to 2016,” commented Jeffrey A. Stoops, President and CEO. “Domestic leasing activity was stable and very consistent with the first three quarters of 2016 in terms of new revenue contracted for per site. Internationally, we had a strong finish of leasing activity which was sequentially greater than the prior quarter. Against this solid leasing demand, we continued to execute very well, once again producing industry-leading tower cash flow and adjusted EBITDA margins. We were active investing capital in the quarter, increasing our portfolio to over 26,000 sites owned and repurchasing 3.4 million shares of our common stock. The combination of strong operational performance and sound capital allocation drove material gains in AFFO per share. We remain firmly on track to achieve our goal of $10 or more of AFFO per share in 2020.
We are introducing our initial 2017 Outlook which at this time assumes levels of customer activity materially the same as we experienced in 2016 and contemplates material growth in AFFO per share.”
| (in millions, except per share amounts) | ||||||
| $ | to | $ | Site development revenue | 85.0 | 105.0 | |
| $ | to | $ | Tower Cash Flow (2) | 1,247.0 | 1,267.0 | |
| $ | to | $ | Net cash interest expense (3) | 297.0 | 307.0 | |
| $ | to | $ | AFFO (2) | 805.0 | 847.0 | |
| $ | to | $ | Discretionary cash capital expenditures (6) | 200.0 | 220.0 |
For earnings history and earnings-related data on SBA Communications (SBAC) click here.