SBA Communications (NASDAQ: SBAC) reported Q1 EPS of $, versus $0.40 reported last year. Revenue for the quarter came in at $517 million versus the consensus estimate of $513.61 million.

Highlights of the first quarter include:

• Subsequent to quarter end, declared quarterly cash dividend of $0.465 per share
• Repurchased 0.8 million shares at an average price per share of $243
• Committed to provide global COVID-19 relief through charitable contributions in each of our existing markets
• Net loss of $127.1 million, resulting from $152.8 million non-cash, currency-related inter-company loan remeasurement adjustment
• AFFO per share growth of 13.5% over the year earlier period on a constant currency basis

“We had a solid start to 2020,” commented Jeffrey A. Stoops. “In these extremely difficult times brought about by COVID-19, we are very fortunate to serve in an industry that is essential to the geographies in which we operate, where we are able to keep our team members fully employed working for our customers and communities. Our top priorities during this crisis are the health and safety of our team members, and maintaining and expanding wireless service for our customers. 5G and the benefits it will bring are now more important than ever. With the T-Mobile-Sprint merger now complete, our expectations for the full year remain the same. We expect to see in the US increasing levels of operational activity as we move through the year, with the reported financial results to follow. Early stages of this increased operational activity are now underway. Internationally, demand remains solid as well, although, as evidenced by our revised full-year outlook, the only material impact to SBA from the COVID-19 crisis is the expected impact in certain of our international markets from foreign currency adjustments.

“Our operational performance, as best evidenced by our margins, continues to be excellent, and I commend all of our team members. Our balance sheet and access to capital remains very strong. We are comfortable at current leverage levels, with future capital allocation priorities first to our dividend and then the substantial remaining amount of investable capital to opportunistic portfolio growth and stock repurchases. During these challenging times, we expect to stay very busy serving our customers and communities, helping to continuously improve wireless service in general and deploy 5G service in particular, while we execute well against increasing operational demand and grow AFFO per share materially.”

GUIDANCE:

SBA Communications sees FY2020 revenue of $2.04-2.08 billion, versus the consensus of $2.1 billion.

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