Communications Sales & Leasing Q4 FFO Misses Views; Buys Hunt Comms For $170 Mln; Changes Name
Communications Sales & Leasing ( CSAL ) reported Q4 funds from operations of $0.54 per share, down from $0.62 a year ago and below the $0.59 average estimate from analysts polled by Capital IQ.
Revenue rose to $206.9 million from $173.9 million, in line with the consensus.
For 2017, the firm said it expects revenue between $841 million and $847 million, straddling the $845.9 million estimate, and FFO between $2.31 to $2.36, below the $2.44 estimate.
The company also said it has agreed to acquire Hunt Telecommunications, a provider of data transport to K--12 schools and government agencies with a network of 140,000 fiber strand miles and 2,600 fiber route miles in Louisiana. The company is paying an initial consideration of $170 million in cash and equity.
Finally Communications Sales & Leasing said it is changing its name to Uniti Group effective at the market open on Feb. 27. The stock will then start trading under the symbol UNIT.
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