Earlier this month Equinix (NASDAQ:EQIX, news, filings) lowered the bar on its Q3 and full year revenue while raising EBITDA guidance. What followed was a loss of some $1B in marketcap. Today, just three weeks later, they hurdled both numbers and offered an optimistic initial viewpoint on 2011, and the stock has rallied some after hours. For a company with very tight guidance ranges, they have seemed uncharacteristically inaccurate of late - certainly due to uncertainties and complications introduced by the Switch & Data integration.
Equinix checked in with revenues of $330.3M, adjusted EBITDA of $146.5M, and earnings per share of $0.24. That EBITDA number was especially good relative to guidance from three weeks ago. For the full year they bumped up both numbers slightly again, projecting revenues of $1216-1218M and adjusted EBITDA of $542M. Guidance for 2011 is for revenues above $1.5B and EBITDA above $675M, which exceeded the street's expectations slightly.
Capital expenditures for 2011 are projected to be in the neighborhood of $400M, which would be down measurably from this year's $560-580M but still dominated by spending for expansion. I'll bet that estimate rises over the next 6 months as this years projects finish up and new ones are considered for next year.
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