SBA Communications (NASDAQ: SBAC) reported Q1 EPS of ($0.11), $0.45 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $548.74 million versus the consensus estimate of $539.32 million.

“We had a strong start to 2021,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “We produced very solid year-over-year growth in AFFO per share while operationally executing at a very high level. We had several notable accomplishments since the start of the year, including the closing of our exciting PG&E acquisition, the completion of the lowest cost unsecured senior notes offering in our history, and the execution of new master agreements with both Verizon Wireless and Dish. Our new agreement with Verizon cements SBA as a key partner to Verizon in the deployment of their new C-Band spectrum for the build out of their nationwide 5G network, while also extending the committed terms under SBA’s existing Verizon lease agreements. With the completion of the C-Band spectrum auction during the first quarter and the stated network plans of our largest customers, we had a very strong first quarter in our services business, while seeing substantial growth in our backlog of both services business and new lease and amendment applications. This increasing activity level has allowed us to increase our 2021 full year services outlook and gives us tremendous confidence in increased organic leasing growth over the next couple of years. We believe the future is very bright, and we are excited to support our customers in the advancement of wireless networks across all of our markets. The favorable operational environment, low cost of capital and opportunistic allocation of capital into both quality new assets and stock repurchases, should allow us to continue to produce material growth in AFFO per share and total shareholder return.”

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