SBA Communications Reports First Quarter Results
2022.04.25 23:51
Investing.com — Real estate investment trust SBA Communications Corp (NASDAQ:SBAC) reported on its latest quarter after the closing bell Monday.
The company announced adjusted funds from operations (AFFO) of $2.96, while revenue was $619.7 million, compared to $548.7 million in the prior-year period. Analysts polled by Investing.com anticipated revenue of $603.51 million.
Net income in the first quarter was $188.3 million, or $1.72 per share.
The company declared a quarterly cash dividend of 71 cents per share of its Class A Common stock.
“We are off to a very strong start to 2022,” commented Jeffrey Stoops, President and Chief Executive Officer. “We produced double-digit growth in AFFO per share while operationally executing at a very high level. Our cash flows continue to grow, providing multiple opportunities for the creation of additional shareholder value.”
The REIT expects full-year 2022 total revenues of between $2.49 billion to $2.53 billion, with AFFO per share between $11.72 and $12.09.
