Equinix(US:EQIX) ZACKSยท2024-10-31 18:50Core Insights - Equinix Inc. reported third-quarter 2024 adjusted funds from operations (AFFO) per share of $9.05, exceeding the Zacks Consensus Estimate of $8.70, and reflecting a 10.5% year-over-year improvement [1][2] Financial Performance - Total quarterly revenues reached $2.2 billion, aligning with the Zacks Consensus Estimate, and increased by 6.8% year over year [2] - Recurring revenues were $2.06 billion, up 5% from the previous year, while non-recurring revenues surged 42% to $142 million [3] - Adjusted EBITDA was reported at $1.05 billion, a 12% increase year over year, with an adjusted EBITDA margin of 48% [4] Regional Performance - Revenues from the Americas, EMEA, and Asia Pacific rose by 4.9%, 4.8%, and 13.9% to $958 million, $743 million, and $500 million, respectively [3] Capital Expenditure and Liquidity - Equinix spent $69 million on recurring capital expenditure, a 35.3% increase year over year, while non-recurring capital expenditure was $655 million, up 15.7% [4] - As of September 30, 2024, the company had $7.2 billion in available liquidity and a net leverage ratio of 3.5 [5] Dividend Announcement - The board of directors declared a quarterly cash dividend of $4.26 per share, payable on December 11 to shareholders on record as of November 13, 2024 [6] Revised Guidance - For Q4 2024, Equinix projects revenues between $2.262 billion and $2.302 billion, indicating a 3.5% increase over the prior quarter [7] - The company revised its full-year AFFO per share estimate to between $34.81 and $35.22, suggesting an 8-10% increase from the previous year [8] - Total revenue guidance for 2024 is now estimated at $8.748-$8.788 billion, reflecting a year-over-year growth of 7% [8] - Adjusted EBITDA for 2024 is projected to be between $4.086 billion and $4.126 billion, with a maintained margin expectation of 47% [9]