SBA Communications Swings To Q1 Profit; Boosts FY14 Revenue Outlook

(RTTNews) - SBA Communications Corp. (SBAC) reported net income for the first quarter of $1.4 million or $0.01 per share, compared to a net loss of $22.4 million or $0.18 per share for the year-ago quarter.

The latest quarter net income was positively impacted by $17.9 million of gains on the company's currency hedges entered into in connection with the Oi acquisition which closed on March 31.

Total revenues in the first quarter rose 10.4% to $345.5 million from $313.1 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share on revenue of $334.60 million for the first quarter.

Looking forward to the second quarter, the company forecasts total revenue of $ 365.5 million to $ 375.5 million.

The company once again raised its full year 2014 revenue outlook to a range of $1.447 billion to $1.487 billion from its prior outlook of $1.40 billion to $1.44 billion.

Analysts currently expect the company to post revenue of $356.11 million for the second quarter and $1.43 billion for the full year 2014.