Press release
SBA Communications Corporation Reports First Quarter 2024 Results; Updates Full Year 2024 Outlook; and Declares Quarterly Cash Dividend
BOCA RATON, Fla.--(BUSINESS WIRE)-- SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended March
About this update from Sba Communications Corporation
[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nSBA Communications Corporation (Nasdaq: SBAC) (\"SBA\" or the \"Company\") today reported results for the quarter ended March 31, 2024.\n\n\nHighlights of the first quarter include:\n\n\n\nNet income of $154.5 million or $1.42 per share\n\n\n\nAFFO per share of $3.29, representing a 5.1% growth over the prior year period\n\n\n\nIssued a new senior secured Term Loan B and increased and extended the maturity of the senior secured revolving credit facility\n\n\n\nRepurchased 0.9 million shares cumulatively in the first quarter and subsequent to quarter end\n\n\n\nIn addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.98 per share of the Company’s Class A Common Stock. The distribution is payable June 19, 2024 to the shareholders of record at the close of business on May 23, 2024.\n\n\n“We had a solid start to 2024, producing operating and financial results in line with our expectations,” commented Brendan Cavanagh, President and Chief Executive Officer. “Carrier activity throughout our markets remained measured in response to continued macro-economic financial pressures and the high cost of capital, but nonetheless, we continued to see steady network investment across our portfolio. The consumer and competitive pressures to provide high performing mobile broadband services persists both domestically and internationally, and our customers still have significant 4G and 5G deployment needs. As a result, we anticipate continued solid organic leasing growth for many years. During the first part of the year, we saw an increase in expectations for continued elevated interest rates. This environment has weighed on the valuations of public tower companies. Given our historically low leverage levels, we took advantage of these valuations to opportunistically buy back approximately 935,000 shares of our stock for approximately $200 million. In addition, today we announced a quarterly dividend 15% higher than the dividend in the prior year period, but still less than 30% of our guided 2024 AFFO. I believe the quality of our underlying business, the strength of our financial position and the long-term market demands on our customers to invest in their networks positions SBA very well to continue allocating capital for the benefit of our shareholders...