Solid Second for SBA

SBA Communications released their second quarter earnings Wednesday after the market closed with site leasing revenue growth of 9%, tower cash flow growth 10%, net income increasing from a $9.5 million loss to $28.3 million in income, adjusted EBITDA growth of 9%, and adjusted funds from operations per share growth of 8%. SBA had a solid second quarter,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “US leasing activity increased materially from first quarter levels, and we experienced our strongest quarter yet of leasing activity internationally. We expect this activity to produce strong financial results on a constant currency basis as we move through the remainder of 2015 and into 2016. We do expect reported results compared to our initial 2015 Outlook to be impacted by the USD/Brazilian Real exchange ratio. We had another strong quarter of operational performance and expense control, posting a record adjusted EBITDA margin and highlighting the operating leverage in our business. We had a very successful quarter allocating capital, investing significant amounts in both portfolio growth and stock repurchases. We built and acquired assets that we expect to meet or exceed our investment return requirements, and we repurchased stock at prices which we believe are well below intrinsic value. We expect to continue this balanced capital allocation while we maintain our current views on capital structure and leverage. We believe the combination of expected solid organic leasing growth, strong execution and disciplined yet opportunistic capital allocation will continue to create material growth in AFFO per share.” Read the entire report here.