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Uniti Group Inc. of Little Rock (Nasdaq:UNIT) on Thursday reported $17.6 million in second-quarter net income and raised its outlook for the rest of the year.
The telecom real estate investment trust’s income was down 30.6% from $25.3 million in the same period a year ago. Per share, earnings came to 7 cents.
Funds from operations — a closely watched measure in the REIT industry — totaled $99.1 million, or 34 cents per share, in the quarter. The figure was up 1.2% from $97.9 million the previous year.
Revenue in the period totaled $294.9 million, up nearly 4% from $283.7 million a year ago.
CEO Kenny Gunderman said about 40% of the company’s consolidated bookings during the quarter were was driven by large data centers known as hyperscalers and generative artificial intelligence demand. Uniti expects that growth to continue.
The company raised its guidance for full-year revenue from $1.15 billion to $1.17 billion. Expected net income was raised from $98 million to $118 million, and funds from operations was raised from $301 million $321 million.
The outlook excludes any impact from the company’s $13.4 billion merger with Windstream Holdings Inc. of Little Rock. Gunderman said the merger remains on track to close by the second half of 2025.
“As a combined company, we will continue our disciplined growth trajectory while expanding our fiber network into Tier II and III markets, and significantly improving our overall financial profile,” he said in a statement. “The demand for both commercial and residential fiber has never been greater and Uniti is well positioned to capture this growth potential going forward.”
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