UNIT - Uniti stock dips as adjusted FFO outlook stays same after Q3 beat

Uniti Group ( NASDAQ: UNIT ) stock retreated 4.5% in Thursday morning trading after the communications infrastructure REIT kept its full-year guidance for adjusted funds from operations unchanged at $441M-459M.

Still, the company expects 2022 revenue to be $1.123B-1.141B vs. prior range of $1.122B-1.140B and consensus of $1.13B.

Adjusted EBITDA is expected to be $891M-909M, up from the August range of $884M-902M.

“Uniti remains well positioned to weather the current economic headwinds through our $7 billion of revenue under contract with an average remaining term of 8 years, the strengthening of our balance sheet, lower capital intensity, and with 96% of our debt fixed-rate and no significant debt maturities before mid-2024,” said President and CEO Kenny Gunderman.

Meanwhile, Q3 adjusted FFO of $0.43, topping the average analyst estimate of $0.37, ticked down from $0.44 in Q2 and was unchanged from the year-ago quarter.

Consolidated revenue of $283.1M , exceeding the $281.8M consensus, egged down from $284.0M in Q2 but advanced from $266.7M in Q3 of last year.

Fiber contributed $74.5M of revenue, up 10.7% Y/Y.

Leasing contributed $208.6M of revenue, up 4.6% Y/Y.

Adjusted EBITDA came in at $225.1M, down from $227.2M in Q2, though up from $217.2M a year earlier.

Earlier, Uniti Group reports Q3 earnings beat .

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