SBA Communications (SBAC) Tops Q2 FFO by 6c
SBA Communications (NASDAQ: SBAC) reported Q2 FFO of $1.76, $0.06 better than the analyst estimate of $1.70. Revenue for the quarter came in at $427.3 million versus the consensus estimate of $425.72 million.
Outlook
The Company is updating its full year 2017 Outlook for anticipated results. The Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Company’s filings with the Securities and Exchange Commission.
The Company’s full year 2017 Outlook assumes the acquisitions of only those communication sites under contract at the time of this press release. The Company may spend additional capital in 2017 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2017 guidance. The Outlook does not contemplate any new financings or any additional repurchases of the Company’s stock during 2017 other than those financings and repurchases completed as of the date of this press release.
The Company’s Outlook assumes an average foreign currency exchange rate of 3.30 Brazilian Reais to 1.0 U.S. Dollar and 1.31 Canadian Dollars to 1.0 U.S. Dollar for the last two quarters of 2017, including an assumption of 3.25 Brazilian Reais to 1.0 U.S. Dollar during the third quarter of 2017.
| (in millions, except per share amounts) | Full Year 2017 | ||||||
| Site leasing revenue (1) | $ | 1,608.0 | to | $ | 1,623.0 | ||
| Site development revenue | $ | 90.0 | to | $ | 100.0 | ||
| Total revenues | $ | 1,698.0 | to | $ | 1,723.0 | ||
| Tower Cash Flow (2) | $ | 1,266.0 | to | $ | 1,281.0 | ||
| Adjusted EBITDA (2) | $ | 1,189.0 | to | $ | 1,204.0 | ||
| Net cash interest expense (3) | $ | 302.0 | to | $ | 312.0 | ||
| Non-discretionary cash capital expenditures (4) | $ | 29.0 | to | $ | 39.0 | ||
| AFFO (2) | $ | 822.0 | to | $ | 858.0 | ||
| AFFO per share (2) (5) | $ | 6.75 | to | $ | 7.04 | ||
| Discretionary cash capital expenditures (6) | $ | 385.0 | to | $ | 405.0 | ||
For earnings history and earnings-related data on SBA Communications (SBAC) click here.