SBA Communications Lifts FY21 Outlook

(RTTNews) - SBA Communications Corp. (SBAC) Monday lifted its outlook for the full year 2021. The company now expects adjusted funds from operations of $10.32 to $10.72 per share and revenues of $2.26 billion to $2.30 billion.

Previously, the company expected adjusted funds from operations of $10.15 to $10.57 per share on revenues $2.22 billion to $2.26 billion.

Analysts polled by Thomson Reuters currently expect earnings of $2.22 per share on revenues of $2.25 billion.

Further, the company declared a quarterly cash dividend of $0.58 per share of the Company's Class A Common Stock. The distribution is payable September 23, 2021 to the shareholders of record at the close of business on August 26, 2021.

"Our second-quarter performance was our best in quite some time," stated Jeffrey Stoops, President and CEO. "US wireless carrier activity increased substantially in the quarter. Domestically, we produced record services revenue, we had the highest revenue added per tower based on signed leases and amendments since 2014, and our leasing and services backlogs were at multi-year highs at quarter end.

SBA Communications reported second-quarter profit of $152.67 million or $1.37 per share, compared to $22.81 million or $0.20 per share last year. Excluding items, the company reported adjusted funds from operations of $293.51 million or $2.64 per share for the period. Analysts had expected earnings of $0.68 per share.

The company's revenue for the quarter rose 13.5% to $575.53 million from $507.23 million last year. Analysts had a consensus revenue estimate of $558.05 million.