Uniti Group Reports $718M Loss for Full Year, $47M Q4 Loss


Uniti Group Reports $718M Loss for Full Year, $47M Q4 Loss
(Uniti)

Uniti Group Inc. of Little Rock said Monday it lost $718.8 million, or $3.47 per share, in 2020 and $47.7 million, or 20 cents per share, in the fourth quarter.

The real estate investment trust (Nasdaq: UNIT), a spinoff of Windstream Holdings Inc. of Little Rock, released preliminary earnings after market close.

It lost less, $11.4 million, or 6 cents per share, during the fourth quarter of last year.

Uniti also fared worse for the full year. It reported net income of $10.9 million, or 4 cents per share, in 2019.

Fourth-quarter revenue was $275.3 Million, up from $268.5 million for the same quarter of 2019. Full-year revenue was $1.07 billion, up slightly from $1.06 billion.

“Our fiber and leasing businesses performed exceptionally well last year and are well positioned going into 2021,” President and CEO Kenny Gunderman said in a news release. “Strong bookings and install activity at Uniti Fiber reflect the robust demand we continue to see for our wireless offerings, driven by network densification efforts and the broader rollout of 5G services within our markets. We continue to see increased demand for our non-wireless service offerings and make significant progress in leasing-up our major anchor wireless builds. With a national network of 123,000 route miles of valuable fiber, we are in the unique position to drive additional lease up for years to come.

“We expect to see solid growth across all of our businesses this year, driven by high margin, recurring lease-up across our Uniti Leasing and Uniti Fiber networks. Through the recent refinancing of our revolving credit facility and senior unsecured notes refinancing, we have substantially improved Uniti’s financial profile, while providing greater flexibility in our ability to pursue other strategic initiatives.”