Uniti Group Inc. of Little Rock last week reported a net loss of $4.5 million, or 2 cents per diluted share, in the first quarter — an improvement from the $80.3 million loss, or 41 cents per diluted share, the company saw in the first quarter of 2020.
Earnings for the publicly traded real estate investment trust (Nasdaq: UNIT), a spinoff of Windstream Holding Inc. of Little Rock, fell short of analysts’ expectations of 41 cents per share.
The company reported revenue of $272.6 million for the quarter, up slightly from $266.2 million a year ago.
"Uniti continues to see robust demand across all of its business segments, translating into the strong results we reported this quarter," President and CEO Kenny Gunderman said in a news release. "This demand is being driven by further network densification efforts by our wireless customers in support of broader rollout of enhanced communication infrastructure technologies within our markets, including 5G services.
"We also continue to make significant progress on our lease-up efforts at both Uniti Leasing and Uniti Fiber by leveraging our national network of 125,000 route miles of valuable fiber.
"Through our recent refinancing transactions, Uniti's financial profile has improved substantially, providing the Company with increased flexibility to pursue our strategic initiatives. We continue to 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."