SBA Communications Corporation (SBAC)
SBA Communications Corporation (SBAC) Q2 2024 Earnings Call Transcript
SBA Communications Corporation (NASDAQ:SBAC ) Q2 2024 Earnings Call Transcript July 29, 2024 5:00 PM ET Company Participants Mark DeRussy - VP of Finance Brendan Cavanagh - CEO Marc Montagner - CFO Conference Call Participants David Barden - Bank of America Simon Flannery - Morgan Stanley Jim Schneider - Goldman Sachs Michael Elias - TD Cowen Richard Choe - JPMorgan Ric Prentiss - Raymond James Jon Atkin - RBC Michael Rollins - Citi Nick Del Deo - MoffettNathanson Brandon Nispel - KeyBanc Matt Niknam - Deutsche Bank Brendan Lynch - Barclays Ari Klein - BMO Capital Markets Jonathan Chaplin - New Street Batya Levi - UBS David Guarino - Green Street Operator Ladies and gentlemen, thank you for standing by. Welcome to the SBA Second Quarter Results Conference Call.
SBA Communications (SBAC) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
The headline numbers for SBA Communications (SBAC) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
SBA Communications (SBAC) Tops Q2 FFO Estimates
SBA Communications (SBAC) came out with quarterly funds from operations (FFO) of $3.29 per share, beating the Zacks Consensus Estimate of $3.28 per share. This compares to FFO of $3.24 per share a year ago.
Seeking Clues to SBA Communications (SBAC) Q2 Earnings? A Peek Into Wall Street Projections for Key Metrics
Beyond analysts' top -and-bottom-line estimates for SBA Communications (SBAC), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended June 2024.
What's in Store for SBA Communications (SBAC) in Q2 Earnings?
SBA Communications' (SBAC) Q2 earnings are likely to have benefitted from the secular growth trends of the wireless industry, though high interest rates may have hurt it.
Is It Wise to Retain SBA Communications (SBAC) Stock for Now?
SBA Communications (SBAC) is likely to benefit from the healthy global demand for wireless connectivity and its asset buyouts. However, notable customer concentration and high interest rates are key woes.
SBA Communications Co. (SBAC) To Go Ex-Dividend on May 22nd
SBA Communications Co. (NASDAQ:SBAC – Get Free Report) announced a quarterly dividend on Monday, April 29th, RTT News reports. Shareholders of record on Thursday, May 23rd will be given a dividend of 0.98 per share by the technology company on Wednesday, June 19th. This represents a $3.92 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Wednesday, May 22nd. SBA Communications has increased its dividend payment by an average of 22.3% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. SBA Communications has a payout ratio of 48.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect SBA Communications to earn $12.51 per share next year, which means the company should continue to be able to cover its $3.92 annual dividend with an expected future payout ratio of 31.3%. SBA Communications Trading Down 1.7 % Shares of SBAC opened at $199.38 on Monday. The company’s 50-day moving average price is $205.70 and its 200 day moving average price is $222.49. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The firm has a market cap of $21.42 billion, a P/E ratio of 39.09, a price-to-earnings-growth ratio of 0.59 and a beta of 0.59. SBA Communications (NASDAQ:SBAC – Get Free Report) last issued its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same period in the prior year, the business posted $3.13 EPS. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities research analysts forecast that SBA Communications will post 12.53 earnings per share for the current year. Insider Activity at SBA Communications In other news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock. Wall Street Analyst Weigh In Several research firms recently issued reports on SBAC. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. TD Cowen lowered their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. KeyCorp cut their target price on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Royal Bank of Canada decreased their price target on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Finally, Wells Fargo & Company decreased their price objective on SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a research note on Tuesday, April 30th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $252.25. Read Our Latest Analysis on SBAC About SBA Communications (Get Free Report) SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.
