SBA Communications (NASDAQ: SBAC) reported Q4 EPS of $0.50, $0.07 better than the analyst estimate of $0.43. Revenue for the quarter came in at $483.85 million versus the consensus estimate of $472.75 million.

• Net income of $57.2 million or $0.50 per share
• AFFO per share growth of 15.2% over the year earlier period on a constant currency basis
• Added 221 sites to our portfolio during the quarter, growing our portfolio 6.0% for the year
• Repurchased 2.2 million shares during the quarter
• Tower cash flow and Adjusted EBITDA margins of 80.2% and 70.5%, respectively

“We ended 2018 with our best quarter of the year, posting strong results and seeing solid momentum as we move into 2019,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “In 2018 we saw increased leasing activity domestically and internationally and we executed well. We had our best domestic leasing year in four years in terms of revenue added per tower. Tower cash flow margins continue to climb both domestically and internationally, evidencing the quality of our assets and the strength of our performance. We stayed fully invested, allocating capital in substantial amounts to both portfolio growth and stock repurchases. We met our portfolio growth goals, growing the portfolio by 6% in 2018. We have moved into 2019 with solid customer activity and backlogs right from the beginning of the year. We intend to continue to work hard to capture that business. We anticipate staying fully invested to our target net debt leverage range of 7.0x to 7.5x annualized adjusted EBITDA, and to do so through a mix of portfolio growth and stock repurchases. We believe that the combination of favorable customer demand, our strong execution against that demand and smart capital allocation will once again allow us to produce materially increasing amounts of AFFO per share as we move through 2019.”

GUIDANCE:

SBA Communications sees FY2019 revenue of $1.925-1.965 billion, versus the consensus of $1.98 billion.

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