SBA Communications (SBAC) Q1 Earnings Top On Higher Revenues
Zacks Investment Research | Apr 30, 2018 09:40PM ET
SBA Communications Corporation (NASDAQ:SBAC) reported strong first-quarter 2018 financial results, wherein both the top line and the bottom line surpassed the Zacks Consensus Estimate.
Net Income
Net income for the first quarter was $31.5 million or 27 cents per share compared with $37.6 million or 31 cents per share in the year-ago quarter. Despite higher revenues, earnings decreased year over year due to higher operating costs and interest expense. Earnings for the reported quarter exceeded the Zacks Consensus Estimate of 21 cents.
Revenues
Total revenues increased 8.3% year over year to $458.3 million, surpassing the Zacks Consensus Estimate of $453 million. The top line was supported by positive results in both domestic and international leasing operations as well as incremental contributions from services business.
During the first quarter, the company expanded its portfolio, investing incremental capital into both new tower builds and acquisitions. It acquired 334 communication sites for $106.7 million, 300 of which were located internationally and also built 67 sites during the quarter. Subsequent to the quarter end, the company acquired 190 additional communication sites at an aggregate purchase price of $119.5 million.
The company has 874 additional sites under contract for acquisition at an aggregate price of $182.7 million, including the previously announced 811 sites located in El Salvador to be purchased from a local subsidiary of Millicom International. The company anticipates these deals will close by the end of 2018.
SBA Communications Corporation Price, Consensus and EPS Surprise
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