I suppose that’s what you get when you outperform so consistently. The quarterly numbers reported today at Equinix (NASDAQ:EQIX, news, filings) were steady, right within their narrow guidance range for revenue and a little above for EBITDA, but came in light compared to those pesky analyst estimates and the stock is down sharply after hours in response. Here’s a quick table of the relevant data with some context:
| $ in millions for continuing operations |
Q2/12 | Q3/12 | Q4/12 | Q1/13 | Q2/13 (guidance) |
FY/13 (guidance) |
|---|---|---|---|---|---|---|
| – Recurring | 433.8 | 462.8 | 481.7 | 495.3 | ||
| – Non-recurring | 23.5 | 25.9 | 24.8 | 24.2 | ||
| Revenues | 457.2 | 488.7 | 506.5 | 519.8 | 530-534 | >2200 |
| Cash COS | 142.0 | 158.0 | 159.0 | 162.8 | ||
| Cash SG&A | 97.8 | 102.4 | 108.3 | 113.2 | 120-124 | 490-510 |
| Adjusted EBITDA | 217.5 | 228.3 | 239.3 | 243.5 | 240-244 | >1010 |
| Earnings Per Share | 0.73 | 0.58 | 0.68 | 0.71 | ||
| Ongoing Capex | 37.5 | 37.6 | 43.5 | 34.0 | 45 | 165 |
| Expansion Capex | 158.9 | 174.5 | 166.9 | 41.7 | 125-135 | 385-485 |
Analysts were looking for seven more cents per share, which didn’t help much of course. Q2 revenue guidance was also light, largely because of currency fluctuations however – which also figured in Q1’s numbers. Full year guidance was maintained across the board. Some capex that was expected to hit in Q1 will move off to Q2, but the overall spending trajectory remained in place.
Enough to send the stock down 12% after hours? Ah well, they’ll be back.
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