Equinix Meets Guidance, But the Market Wanted More

April 24th, 2013 by · Leave a Comment

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
– 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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