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CS&L -10.7% after Q3 earnings; acquiring Latin American towers

Published 11/14/2016, 10:07 AM
CS&L -10.7% after Q3 earnings; acquiring Latin American towers
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  • Communications Sales & Leasing (NASDAQ:CSAL) is off 10.7% after reporting Q3 earnings that included news of a towers acquisition in Latin America.
  • The company will acquire privately held Network Management Holdings, which operates 359 towers in Mexico, Nicaragua and Colombia with another 114 build-to-suit sites under development.
  • Consideration for the existing towers is expected at $65M. The whole portfolio, when complete, is expected to generates $7.9M in annual revenue.
  • The company recorded a net loss (of $2.3M) and missed on profits in GAAP terms, and as-reported funds from operations came to $0.55/share, missing an expected $0.62.
  • But revenues of $200.2M beat an expected $198M, and EBITDA of $175.7M beat consensus for $174.5M.
  • CS&L raised its full-year outlook, to EPS of $0.01-$0.03 (vs. consensus for $0.03) and AFFO of $2.60-$2.62 (vs. consensus for $2.60).
  • Press Release

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