Equinix Rolls Through Q4

February 13th, 2013 by · Leave a Comment

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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Categories: Datacenter · Financials

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