SBA Communications Surpasses Third Quarter Forecasts, Raises 2024 Outlook

BOCA RATON, Fla. - SBA Communications (NASDAQ:SBAC) reported third-quarter earnings that exceeded expectations on Monday and raised its full-year guidance for 2024.

The wireless tower operator announced adjusted earnings of $2.40 per share, surpassing analysts' estimates of $2.26. Revenue came in at $667.6 million, slightly below the consensus forecast of $669.29 million, but showed a 0.3% increase year-over-year when adjusted for foreign exchange impacts.

President and CEO Brendan Cavanagh stated, "We continued to perform well in the third quarter and achieved operational and financial results in line with our expectations." Cavanagh noted that carrier activity in the U.S. has increased compared to levels seen in the first half of the year, indicating a "positive upward momentum" expected to persist throughout 2024 and into 2025.

While international leasing results remained strong, the services segment delivered its strongest quarter of the year in terms of both revenue and gross profit.

SBA raised its full-year outlook for 2024, expecting revenue to be between $2.66 billion and $2.68 billion. This is higher than its previous forecast and analysts' projection of $2.659 billion.

The company also announced that it has signed an agreement to acquire over 7,000 communication sites in Central America from Millicom for approximately $975 million, expected to close in 2025.