Uniti Reports a Subpar 1Q, but Operating Results Mean Little Relative to Fate of Windstream Lease
No-moat Uniti's first-quarter sales were below our expectations, leading to a shortfall on EBITDA as well, despite the margin being slightly better than we projected. However, in our view, near-term operating results are virtually meaningless as the Windstream bankruptcy lurks. We think justified market doubts about future payments Uniti may receive on its Windstream lease and Uniti's ability to remain solvent while the Windstream lease is unsettled are the sole reasons the stock trades as low a...Uniti Group is a real estate investment trust engaged in the acquisition and construction of infrastructure in the communications industry. The company's four lines of business are: Uniti Fiber, which is a provider of infrastructure solutions, including cell site backhaul and small cell for wireless operators and ethernet; Uniti Towers, which constructs and leases space on communications towers to wireless service providers and other tenants; Uniti Leasing, which is engaged in acquiring communications assets, such as fiber, data centers, consumer broadband, coaxial and upgradeable copper; and Talk America Services, LLC, which provides local telephone, high-speed internet and long distance service.
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