Overview

* SBA Communications ( SBAC ) Q3 revenue beats analyst expectations

* Net income for Q3 declines compared to last year

* Company repurchased 958 thousand shares during and after Q3

Outlook

* Company updates 2025 site leasing revenue outlook to $2,568.0 mln-$2,578.0 mln

* Company revises target leverage range to 6.0x-7.0x net debt to LQA Adjusted EBITDA

* Company sees 2025 adjusted EBITDA between $1,909.0 mln and $1,919.0 mln

Result Drivers

* CARRIER INVESTMENT - Co attributes Q3 performance to significant network investments by carrier customers, expanding and densifying networks

* INTERNATIONAL LEASING - Co benefited from strong international leasing demand, inflation-linked escalators, and favorable foreign currency rates

* VERIZON AGREEMENT - Co signed a long-term master lease agreement with Verizon, expected to accelerate rollout of next-gen wireless services

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $732.32 $716.15

REVENUE mln mln (15

Analysts

)

Q3 EPS $2.20

Q3 Net $240.40

Income mln

Q3 $3.30

Adjusted

FFO Per

Share

Q3 $1.11

Dividend

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy"

* Wall Street's median 12-month price target for SBA Communications Corp ( SBAC ) is $237.50, about 19.4% above its October 31 closing price of $191.48

* The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 25 three months ago

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)