Hot Tech stock to watch: SBA Communications Corporation (NASDAQ: SBAC)

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SBA Communications Corporation (NASDAQ: SBAC) stock rose over 1.8% in the Pre-market session of 21st Feb, 2020 (Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. The company has reported the net income for the fourth quarter of 2019 of $67.4 million compared to the net income for the fourth quarter of 2018 of $57.2 million. The company has posted the Adjusted EBITDA for the quarter of $362.4 million, which reflects a 6.8% increase over the prior year period. Adjusted EBITDA Margin has increased to 71.0% in the fourth quarter of 2019 compared to 70.5% in the fourth quarter of 2018. The company has delivered the AFFO for the quarter of $248.8 million, which is an 8.2% increase over the prior year period. AFFO per share for the fourth quarter of 2019 was $2.18, which is a 9.0% increase over the prior year period. SBA ended the fourth quarter of 2019 with $139.1 million of cash and cash equivalents, short-term restricted cash, and short-term investments, and $10.3 billion of Net Debt. Further, SBAC during the fourth quarter of 2019 had acquired 1,336 communication sites for total cash consideration of $471.7 million. Subsequent to the fourth quarter of 2019, the Company had acquired 11 communication sites for the total consideration of $11.9 million in cash.

SBAC in the fourth quarter of FY 19 has reported the adjusted funds from operations per share of $2.18, beating the analysts’ estimates for the adjusted funds from operations per share of $2.16, according to analysts surveyed by Zacks Investment Research. The company had reported the adjusted revenue growth of 6.2 percent to $513.6 billion in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $506.4 million. The company has posted site leasing revenue in the quarter of $481.1 million, which was comprised of domestic site leasing revenue of $380.4 million and international site leasing revenue of $100.7 million. The company’s domestic cash site leasing revenue grew 6% to $377.7 million in the fourth quarter of 2019. International cash site leasing revenue grew 17.6% to $100.4 million in the fourth quarter of 2019, which reflects an increase of 17.6%, or 23.4% excluding the impact of changes in foreign currency exchange rates.

SBA Communications expects full-year funds from operations to be in the range of $9.07 to $9.47 per share, with revenue expected to be in the range of $2.1 billion to $2.14 billion.

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