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Uniti Group’s Q3 Profit Up 486%

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Uniti Group Inc. of Little Rock announced Thursday third-quarter income of $43.7 million, or 17 cents per share, up nearly 486% from $7.46 million, or 4 cents per share, in the same quarter of 2020.

Third-quarter revenue for the publicly traded real estate investment trust (Nasdaq: UNIT) and Windstream spinoff was $266.7 million, up from $258.8 million.

“Uniti continues to perform exceptionally well as evidenced by the second consecutive quarter of consolidated bookings of approximately $1 million in monthly recurring revenue, representing an increase of 90% from consolidated bookings in the third quarter of 2020,” President and CEO Kenny Gunderman said in a news release.

“We continue to emphasize driving high margin recurring revenue while managing our capital intensity and industry leading monthly churn levels of 0.3%,” he said. “Given these trends along with lower than expected operational costs, and the impact of our recent unsecured notes issuance, we are revising the midpoint of our full year 2021 outlook ranges.”

Third-quarter revenue for the company’s Uniti Fiber segment was $67.3 million, down from $76.4 million in the same quarter of 2020.

Revenue for its Uniti Leasing segment was $199.5 million, up from $182.4 million.

During the quarter, Uniti Leasing spent $61.7 million to build approximately 1,300 miles of fiber infrastructure.

The Wall Street Journal reported last month that Zayo Group LLC of Boulder, Colorado, has been in talks to buy Uniti and Windstream. Windstream President and CEO Tony Thomas declined to comment on a potential transcation, but said in a statement, in part, that “any plan that would allow us to enhance and accelerate our fiber build economically would be a positive for Windstream and its customers across rural America.” 

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