Press release
SBA Communications Corporation Reports Second Quarter 2022 Results; Updates Full Year 2022 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 June
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 June 30, 2022.\n\nHighlights of the second quarter include:\n\n\nNet income of $69.2 million or $0.64 per share\n\n\nAFFO per share increased 16.3% over the prior year period\n\n\nTotal revenue of $652.0 million, representing a 13.3% growth over the prior year period\n\n\nEntered into an agreement to purchase approximately 2,600 sites in Brazil\n\n\nIn addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.71 per share of the Company’s Class A Common Stock. The distribution is payable September 20, 2022 to the shareholders of record at the close of business on August 25, 2022.\n\n“Our second-quarter performance was very strong,” stated Jeffrey Stoops, President and CEO. “Wireless carrier activity was, and remains, robust across most of our markets. In both leasing and services, we are extremely busy fulfilling the needs and requests of our customers as they continue to pursue a high level of network investment. Against this demand, we continue to execute very well. We achieved another record for US services revenue in the quarter. We believe domestic and international activity will remain strong into 2023 and perhaps beyond, given the size and scope of our customers’ 5G deployment plans. With respect to capital allocation, we continue to be very disciplined around target leverage levels, and very opportunistic as to allocating capital to portfolio growth or stock repurchases. Consistent with that approach, we have entered into an agreement to acquire approximately 2,600 additional towers in Brazil on terms that we believe are very attractive and will upon closing be immediately accretive to AFFO per share. The acquired towers will be very complementary to our existing towers in Brazil and we expect to integrate these assets smoothly, quickly and with no ongoing material incremental SG&A expense. As a result of these positive results, prospects and investment, we are increasing our 2022 Outlook across all key financial metrics.”\n\nOperating Results\n\nThe table below details select financial results for the three months ended June 30, 2022 and comparisons to the prior year period.\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\...