BOCA RATON, Fla. - SBA Communications (NASDAQ:SBAC) reported better-than-expected third quarter earnings and raised its full-year 2024 guidance on Monday.
The wireless tower operator posted adjusted earnings per share of $2.40, surpassing analyst estimates of $2.26. Revenue came in at $667.6 million, slightly below the consensus forecast of $669.29 million but up 0.3% year-over-year excluding foreign exchange impacts.
"We continued to execute well during the third quarter, producing operational and financial results in line with our expectations," said Brendan Cavanagh, President and CEO. He noted that carrier activity in the U.S. increased from levels seen in the first half of the year, indicating "a positive upward trajectory" expected to continue through 2024 and into 2025.
International leasing results remained solid, while the services business had its strongest quarter of the year for both revenue and gross profit.
SBA raised its full-year 2024 outlook, now expecting revenue between $2.66 billion and $2.68 billion, up from its previous forecast and above analyst projections of $2.659 billion.
The company also announced an agreement to acquire over 7,000 communication sites in Central America from Millicom for approximately $975 million, which is expected to close in 2025.
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