Press release
SBA Communications Corporation Reports Third Quarter 2020 Results; Updates Full Year 2020 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
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 September 30, 2020.\n\nHighlights of the third quarter include:\n\n\nNet income of $22.6 million or $0.20 per share and site leasing revenue of $486.8 million \n\n\nAFFO per share growth of 15.3% over the year earlier period on a constant currency basis\n\n\nRepurchased 1.0 million shares cumulatively in the third quarter and subsequent to quarter end\n\n\nIncreased full year 2020 outlook for Revenue, Tower Cash Flow, Adjusted EBITDA, and AFFO\n\n\n“We once again delivered strong financial results in the third quarter, exceeding both our internal and consensus expectations,” commented Jeff Stoops, President and Chief Executive Officer. “We delivered these results while continuing to operate in COVID-19 conditions in all of our markets, with the majority of our and our customers’ employees working remotely but also with a sizeable contingent of essential field personnel out at tower sites every day meeting the needs of our customers and getting the job done in exemplary fashion. I want to express my deepest gratitude to all our employees and those of our customers, and particularly those out in the field. I’m particularly pleased with the safety protocols we have developed, which have allowed us to make individual safety the top priority while at the same time delivering the operational performance our customers and communities need and expect.”\n\n“US wireless customer activity picked up in the third quarter relative to the first half of 2020, although still slightly behind year-ago levels. This was evident from our services results and new domestic lease activity, as all three US nationwide wireless carriers were and are active. Internationally, leasing activity was slightly above the first half of the year as well, but these markets continue to be more impacted by COVID-19 than the US market, both operationally and economically. We are encouraged by the third quarter earnings commentary of a number of our international wireless carrier customers, who reported both improved financial results and future plans for increased capital spending. We remain confident that these markets will improve in terms of wireless carrier investment as the COVID-19 situation improves.”\n\n“Op...