Switch misses by $0.02, reports revs in-line; guides FY18 revs below consensus
- Reports Q2 (Jun) earnings of $0.02 per share, $0.02 worse than the Capital IQ Consensus of $0.04; revenues rose 11.0% year/year to $102.2 mln vs the $102.78 mln Capital IQ Consensus.
- Co issues downside guidance for FY18, sees FY18 revs of $405-408 mln vs. $428.29 mln Capital IQ Consensus Estimate and prior guidance of $423-440 mln. Adjusted EBITDA in the range of $197 million to $200 million, versus a prior range of $216 million to $224 million.
- Switch expects revenue for 2018 to be impacted by several deals closing later than originally anticipated, as enterprise customers are taking additional time to evaluate the design of their long-term deployments to take advantage of Switch's new program for enterprise hybrid cloud.
- Board of Directors has declared a cash dividend of $0.0147 per share of Switch's Class A common stock for the second quarter of 2018. The dividend will be payable on September 4, 2018 to all stockholders of record as of the close of business on August 24, 2018. Prior to the payment of this dividend, Switch, Ltd. will make a cash distribution to all holders of record of Common Units of Switch, Ltd., including Switch, of $0.0147 per Common Unit.
