Uniti Group Swings Back to Q1 Profit


Uniti Group Swings Back to Q1 Profit
(Uniti)

Uniti Group Inc. of Little Rock has for the second consecutive quarter swung back to a profit, as demand for it to lease fiber infrastructure on a long-term basis and the broadband infrastructure its building continued.

The company also saw revenue increase for the quarter compared to the same period a year earlier.

The real estate investment trust (Nasdaq: UNIT), a spinoff of Windstream Holdings Inc. of Little Rock, released its earnings on Thursday before the market opened.

First-quarter net income was $52.9 million, or 21 cents per diluted share, compared to a $4.5 million loss, or 2 cents per share, in the same quarter of 2021.

First-quarter revenue was $278 million, up from $272.6 million.

“The demand for our mission critical communications infrastructure remains very strong as evidenced by the fourth consecutive quarter of elevated new consolidated bookings, a 58% increase over the first quarter of 2021,” President and CEO Kenny Gunderman said in a news release.

“We also continue to demonstrate the shared infrastructure benefits of fiber with robust Adjusted EBITDA and AFFO growth,” he continued. “We continue to grow and densify our national network of 129,000 route miles of fiber, making it one of the largest in the country.”