Uniti Group (NASDAQ:UNIT) Announces Quarterly Earnings Results, Misses Estimates By $0.28 EPS

Uniti Group (NASDAQ:UNIT) announced its quarterly earnings data on Thursday. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.28), Zacks reports. The firm had revenue of $294.90 million during the quarter, compared to the consensus estimate of $289.97 million. Uniti Group had a negative return on equity of 0.37% and a net margin of 0.79%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the company earned $0.34 EPS. Uniti Group updated its FY 2024 guidance to 1.330-1.400 EPS.

Uniti Group Trading Down 0.7 %

Shares of UNIT traded down $0.03 during midday trading on Friday, hitting $4.05. 2,794,623 shares of the company’s stock traded hands, compared to its average volume of 2,949,678. Uniti Group has a 1 year low of $2.57 and a 1 year high of $6.71. The firm’s fifty day moving average is $3.21 and its 200-day moving average is $4.60. The stock has a market capitalization of $973.05 million, a price-to-earnings ratio of 67.51 and a beta of 1.29.

Wall Street Analysts Forecast Growth

Separately, Raymond James lowered Uniti Group from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $8.00 to $6.00 in a report on Monday, May 6th.

About Uniti Group

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.