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

Uniti Group (NASDAQ:UNIT) released 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. Uniti Group had a net margin of 0.79% and a negative return on equity of 0.37%. The business had revenue of $294.90 million during the quarter, compared to the consensus estimate of $289.97 million. During the same quarter in the prior year, the company earned $0.34 EPS. Uniti Group’s quarterly revenue was up 3.9% on a year-over-year basis. Uniti Group updated its FY 2024 guidance to 1.330-1.400 EPS.

Uniti Group Stock Performance

Shares of UNIT traded down $0.03 during mid-day trading on Friday, reaching $4.05. The company had a trading volume of 2,794,623 shares, compared to its average volume of 2,949,678. The company’s 50 day simple moving average is $3.21 and its 200 day simple moving average is $4.60. The company has a market capitalization of $973.05 million, a price-to-earnings ratio of 67.51 and a beta of 1.29. Uniti Group has a 1-year low of $2.57 and a 1-year high of $6.71.

Wall Street Analysts Forecast Growth

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

Uniti Group Company Profile

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.