With it’s REIT conversion still a long road ahead, Equinix (NASDAQ:EQIX, news, filings) posted its usual solid quarterly report today. The fourth quarter posed them no new problems, as they outperformed guidance and analyst estimates on all fronts after divesting their non-core markets to 365Main last quarter. Here’s a quick table of their results and forward guidance in context:
| $ in millionsfor continuing operations | Q2/12 | Q3/12 | Q4/12 | Q1/12 (guidance) |
FY/13 (guidance) |
|---|---|---|---|---|---|
| – Recurring | 433.8 | 462.8 | 481.7 | ||
| – Non-recurring | 23.5 | 25.9 | 24.8 | ||
| Revenues | 457.2 | 488.7 | 506.5 | 518-522 | >2200 |
| Cash COS | 142.0 | 158.0 | 159.0 | ||
| Cash SG&A | 97.8 | 102.4 | 108.3 | 116-120 | 490-510 |
| Adjusted EBITDA | 217.5 | 228.3 | 239.3 | 236-240 | >1010 |
| Earnings Per Share | 0.73 | 0.58 | 0.68 | ||
| Ongoing Capex | 37.5 | 37.6 | 43.5 | ~40 | 165 |
| Expansion Capex | 158.9 | 174.5 | 166.9 | 100-120 | 385-485 |
Revenues were slightly higher than expected in Q4, while Q1 guidance was a hair off in the other direction. But EBITDA was well above guidance, and earnings per share from continuing operations beat by $0.06. Full year guidance for 2013 was reiterated.
Equinix didn’t announce any new expansion plans, but I’m sure a few will come up as the year goes on. They spent a fair amount of effort expanding its Asian presence in 2012, while pruning its footprint in the US a bit to focus on the larger markets. That seems like a trend with a few years of momentum left yet.
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