SBA Communications beats revenue estimates on robust telecom spending
Nov 2 (Reuters) - Wireless tower operator SBA Communications beat quarterly revenue estimates on Thursday as demand for its services remain elevated amid healthy telecom spending.
The rollout of 5G-related services by telecom majors AT&T and Verizon Communications as well as network expansion across the United States are driving increased demand for wireless infrastructure such as towers owned by companies such as SBA.
SBA reported total revenue of $682.6 million for the third quarter, beating estimates of $679.7 million, according to LSEG data.
Site leasing revenue stood at $637.5 million, compared with estimates of $631.4 million.
Quarterly adjusted funds from operations came in at $3.34 per share, compared with analysts' estimates of $3.24 per share.
The company reported earnings per share of 80 cents, compared with 91 cents a year earlier. (Reporting by Yamini Kalia and Zaheer Kachwala in Bengaluru; Editing by Anil D'Silva)
