SBA Communications Corporation Announces Q3 2024 Results and Strategic Acquisitions

SBA Communications Corporation, a leading independent owner and operator of wireless communications infrastructure, has reported its financial and operational results for the third quarter ended September 30, 2024. The company issued its press release on October 28, 2024, highlighting various key points.

In the third quarter of 2024, SBA Communications reported net income of $255.9 million or $2.40 per share. Notably, the company achieved an industry-leading Adjusted Funds from Operations (AFFO) per share of $3.32. SBA Communications updated its full-year 2024 guidance across all key metrics and also declared a quarterly cash dividend of $0.98 per share.

Among significant activities, SBA Communications issued $2.07 billion of Tower Securities at an effective rate of 4.778% and entered into an agreement to purchase over 7,000 communication sites in Central America from Millicom International Cellular S.A. for approximately $975.0 million in cash. These acquisitions are expected to enhance the company’s revenue and tower cash flow significantly.

Brendan Cavanagh, President and Chief Executive Officer of SBA Communications, noted the company’s positive momentum and increased outlook for key financial metrics. He emphasized the successful execution during the quarter and highlighted the progress made with the company’s balance sheet, including refinancing debt maturities and minimizing exposure under floating-rate debt.

The company’s financial results for the quarter showed a decrease in total revenues to $667.6 million from $682.5 million in the prior year period. Site leasing revenue was $625.7 million, with domestic site leasing revenue at $464.9 million and international site leasing revenue at $160.8 million.

SBA Communications focused on investing in its infrastructure during the quarter, acquiring 51 communication sites and building 147 towers. As of September 30, 2024, the company owned or operated over 39,000 communication sites in various markets.

On the financial front, SBA Communications ended the quarter with $12.4 billion of total debt and $263.6 million in cash and cash equivalents, short-term restricted cash, and short-term investments. The company’s net debt and net secured debt leverage ratios were reported at 6.4x and 4.8x, respectively.

SBA Communications Corporation’s Q3 2024 earnings call is scheduled for October 28, 2024, at 5:00 PM (EDT), providing an opportunity to delve deeper into the details of their financial and operational performance during the period.

SBA Communications Corporation continues to focus on strategic acquisitions, operational efficiencies, and maintaining a solid financial position as it progresses further into 2024. Investors and stakeholders are keen on the company’s growth trajectory and potential opportunities in the wireless communications infrastructure sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SBA Communications’s 8K filing here.

SBA Communications Company Profile

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.