SpectraSite Inc. continues to ride a wave of positive momentum following its emergence from Chapter-11 bankruptcy protection earlier this year.
The company followed an improved second quarter with further improvements in both revenues and net income during the third quarter ended Sept. 30. SpectraSite said revenues were $91.6 million during the quarter compared with $79.5 million during the same period last year. The company attributed the year-over-year revenue increase to new and amended site leasing and licensing agreements, rent escalations, new sites and increases in fee revenues. Same-site year-over-year revenue growth for the quarter was $6.5 million, or 9 percent.
SpectraSite reported net income of $27 million, or 55 cents per share, compared with $3.2 million, or 7 cents per share, during the third quarter of last year. Operating income for the third quarter was $24.8 million compared with $15.3 million during the same period last year.
Adjusted earnings before interest, taxes, appreciation and amortization increased to $78.7 million during the quarter from $41.9 million during the same quarter last year.
SpectraSite added just less than 200 towers or in-building systems to its portfolio during the quarter, for a total of 7,802 at the end of the third quarter.
The company also offered strong guidance for next year, including site leasing and licensing revenues of between $372 million and $382 million.
The tower industry has enjoyed a rebound during the year, with each of the largest tower industry players reporting revenue increases during the latest quarter.
