SBA (NASDAQ: SBAC) yesterday reported results for the quarter ended March 31, 2025.
Highlights of the first quarter include:
- Net income of $189.0 million or $1.77 per share
- AFFO per share of $3.18
- Repurchased 583 thousand shares subsequent to quarter end
- New $1.5 billion share repurchase authorization approved by Board of Directors
“We had a positive start to 2025, producing favorable financial and operating results,” commented Brendan Cavanagh, President and Chief Executive Officer. “Carrier activity levels in the U.S., represented by both new leasing business signed up and services volumes, continued to grow in the quarter. We also saw our U.S. leasing and services application backlogs increase from year-end, providing us confidence in continued solid activity levels throughout the year,” he said.
In addition, the company announced today that its Board of Directors has declared a quarterly cash dividend of $1.11 per share of the Company’s Class A Common Stock. The distribution is payable June 17, 2025 to the shareholders of record at the close of business on May 22, 2025.
Internationally, reported solid leasing activity in line with their expectations, and we were able to secure an earlier than expected closing of 321 sites from our previously announced Millicom acquisition. The first quarter results, according to Cavanagh, have allowed the company to increase its full year outlook for each of our key financial metrics from the levels provided just two months ago.
“Our balance sheet remains very strong,” Cavanagh said, “as we ended the quarter with a net debt to Adjusted EBITDA leverage ratio of 6.4x, no remaining debt maturities in 2025, and a significant cash balance of over $600 million. In the current uncertain macroeconomic environment, SBA stands out as a reliable, cash flow producing, high performing company. With some of the dislocation in the stock market over the last month, we have demonstrated confidence in our company and prospects by repurchasing approximately 583 thousand shares of our stock for $122.9 million.”
SBA’s Board of Directors also approved a new $1.5 billion share repurchase authorization, in an effort to continue returning capital to their shareholders.
“The favorable characteristics of our underlying business, the outstanding execution of our team and the strength of our balance sheet, provide us with tremendous opportunities to continue serving our customers and creating value for our shareholders,” Cavanagh said.
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