Equinix Surges Through Q2, Adds More Brazilian Space

July 25th, 2012 by · Leave a Comment

Equinix (NASDAQ:EQIX, news, filings) has had no trouble with the macro environment it seems, as their Q2 report was as solid as it always is. Revenues came in within their usual narrow range of guidance, and they boosted the full year 2012 outlook by $30M to 'greater than $1.920B' to account for $30M from the acquisitions of Asia Tone and ancotel.  EBITDA was higher than expected, checking in with a nice sequential increase to $222.1M, and they boosted the full year 2012 outlook for that by $20M as well.  Here's a quick table of the relevant numbers:

$ in millions Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12
(guidance)
FY/12
(guidance)
- Recurring 376.5 397.4 410.7 429.6 442.6
- Non-recurring 18.4 20.2 20.6 22.6 23.7
Revenues 394.9 417.6
431.3 452.2 466.3 492-498 >1920
COS 215.6 228.2 229.3 225.2 233.2
Cash SG&A 76.0 81.4 89.7 96.5 98.0 110-115 420-430
Adjusted EBITDA 181.3 191.6 198.2 215.2 222.1 220-222 >880
Earnings Per Share 0.64
0.20 0.35 0.71 0.73
Ongoing Capex 28.0 26.6 28 43.1 37.5 30 135
Expansion Capex 160.9 104.9 145.5 102.4 159.0 210-230 605-665

Traders have responded favorably after hours.

Equinix also announced an expansion of its presence in Brazil through its ALOG subsidiary, which it purchased last spring along with Riverwood Capital.  ALOG is planning a new IBX in Rio De Janeiro, with phase 1 costing $20M and opening with 320 cabinets in the first quarter of 2013. Future expansions would bring that to a total capacity of 1,170 cabinets in later phases.  ALOG is also starting on phase 2 of its SP2 facility in Sao Paolo, also with an early 2013 target date.  There they'll be adding 350 cabinets at a cost of $14M.

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