U.S. Markets closed
  • S&P 500

    3,699.12
    +32.40 (+0.88%)
     
  • Dow 30

    30,218.26
    +248.74 (+0.83%)
     
  • Nasdaq

    12,464.23
    +87.05 (+0.70%)
     
  • Russell 2000

    1,892.45
    +43.75 (+2.37%)
     
  • Crude Oil

    46.04
    +0.40 (+0.88%)
     
  • Gold

    1,835.90
    -0.90 (-0.05%)
     
  • Silver

    24.22
    +0.13 (+0.55%)
     
  • EUR/USD

    1.2124
    -0.0025 (-0.2061%)
     
  • 10-Yr Bond

    0.9690
    +0.0490 (+5.33%)
     
  • Vix

    20.72
    -0.56 (-2.63%)
     
  • GBP/USD

    1.3429
    -0.0024 (-0.1773%)
     
  • USD/JPY

    104.1650
    +0.3050 (+0.2937%)
     
  • BTC-USD

    18,885.06
    -72.95 (-0.38%)
     
  • CMC Crypto 200

    369.91
    -9.34 (-2.46%)
     
  • FTSE 100

    6,550.23
    +59.96 (+0.92%)
     
  • Nikkei 225

    26,751.24
    -58.13 (-0.22%)
     

SBA Communications: 3Q Earnings Snapshot

·1 min read

BOCA RATON, Fla. (AP) _ SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $270.1 million, or $2.38 per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.32 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $22.6 million, or 20 cents per share.

The communications tower operator, based in Boca Raton, Florida, posted revenue of $522.9 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $516.8 million.

SBA Communications expects full-year funds from operations in the range of $9.27 to $9.50 per share, with revenue in the range of $2.07 billion to $2.09 billion.

The company's shares have risen 21% since the beginning of the year. In the final minutes of trading on Monday, shares hit $292.60, an increase of 22% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBAC at https://www.zacks.com/ap/SBAC