UNIT - Uniti stock slides as adjusted FFO guidance unchanged after Q2 beat

Uniti ( NASDAQ: UNIT ) stock is slipping 4.4% in Thursday midday trading after the communications infrastructure REIT kept its guidance for 2022 adjusted FFO unchanged at $441M-$459M.

The company now expects 2022 revenue of $1.122B-$1.140B, up from its previous range of $1.119B-$1.137B; compares with $1.13B consensus.

Its outlook for full-year adjusted EBITDA was increased to $887M-$905M (Visible Alpha consensus $892.2M) from the $884M-$902M range it provided in May.

"Uniti ( UNIT ) is well positioned to weather any potential sustained economic headwinds through our $7B of revenue under contract with an average remaining term of 8.5 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.

Q2 adjusted FFO per share of $0.44, exceeding the $0.39 consensus, increased from $0.43 in Q1 an from $0.41 in the year-ago quarter.

Q2 consolidated revenue of $284.0M vs. $278.5M consensus, compares with $278.0M in the prior quarter and $268.2M in the year-ago quarter.

Fiber contributed $78.4M of revenue, up 8.6% Y/Y.

Leasing contributed $205.6M of revenue, up 4.9% Y/Y.

Adjusted EBITDA of $227.2M increased from $215.7M a year earlier.

Conference call at noon ET.

Earlier, Uniti Group ( UNIT ) AFFO of $0.44 beats by $0.05, revenue of $283.95M beats by $5.42M, updates FY guidance

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