Equinix Raises Annual Revenue, AFFO Guidance -- Earnings Review
July 29 2020 - 05:49PM
Dow Jones News
By Maria Armental
Data-center landlord Equinix Inc. reported second-quarter
results on Wednesday, showing the business impact from the
coronavirus pandemic. Here's what you need to know:
PROFIT: Net income fell to $133.3 million, or $1.52 a share,
from $143.5 million, or $1.69 a share, a year earlier. Analysts
surveyed by FactSet expected $1.63 a share.
FFO: Funds from operations, a key metric for real-estate
investment trusts, fell to $4.06 a share from $4.16 a share. On an
adjusted basis, FFO was $6.35 a share, compared with $5.87 a share
a year earlier. Analysts expected FFO of $4.27 a share and $5.98 in
AFFO.
REVENUE: Revenue rose to $1.47 billion from $1.38 billion a year
earlier. Analysts expected $1.46 billion.
OUTLOOK: The company now expects annual revenue to range from
$5.92 billion to $5.99 billion and AFFO of $23.87 to $24.67 a
share, up from its earlier view of revenue of $5.88 billion to
$5.99 billion and AFFO of $23.62 to $24.66 a share.
PANDEMIC: Company officials had said that the industries that
were hardest hit by the pandemic, like retail and travel,
represented a small part of overall business. At an industry event
in June, officials also said that they had seen a 20% to 40%
traffic increase during the pandemic at the Internet exchanges that
Equinix operates. On Wednesday, Chief Executive Charles Meyers said
in a statement: "The Equinix business continues to perform well and
show resiliency through these times of uncertainty, enabling us to
remain focused on the clear set of priorities we laid out at the
beginning of the year-investing in our people, evolving our
platform and service portfolio to meet the changing needs of
customers, expanding our go-to-market engine to fuel long-term
growth, and simplifying our business to drive operating leverage
and enhance our customer experience."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
July 29, 2020 17:34 ET (21:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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