CyrusOne Reports Mixed Q4 Results

Global data center REIT CyrusOne Inc. (NASDAQ: CONE) has reported mixed results for the fourth quarter ended December 31, 2021, as earnings missed but revenues surpassed estimates.

Following the earnings, shares of the company declined marginally to close at $89.85 on Wednesday.

Revenue & Earnings

CyrusOne reported quarterly revenues of $318.4 million, up 19% from the previous year. Moreover, the figure surpassed the consensus estimate of $304.56 million. A year-over-year rise of 10% witnessed in occupied colocation square feet (CSF) and higher metered power reimbursements drove the overall revenue growth of the company.

The company reported a loss per share of $0.06 during the quarter, compared to the earnings of $0.15 per share in the same quarter last year. The Street had anticipated earnings of $0.03 per share.

Other Operating Metrics

CyrusOne leased about 101 MW of power and 530,000 CSF in the fourth quarter. This represents monthly recurring rent of roughly $8.7 million.

The company’s data centers count at the end of the quarter stood at 55, compared to 53 last year.

Notably, the total CSF of the company increased 9% from the previous year to 5,094. The company leased 83% of the total CSF, compared to 84% last year.

CEO Comments

The CEO of CyrusOne, David Ferdman, said, “We closed out 2021 with the strongest leasing quarter in the history of the company, with demand driven primarily by hyperscale customers across our U.S. markets, and we are well positioned for continued growth with a company-record quarter-end backlog totaling more than $175 million in annualized revenue. We are also excited to execute on our capital recycling initiative, further optimizing our portfolio as we redeploy capital into accretive developments across core markets with diverse hyperscale and enterprise demand in the U.S. and Europe.”

Stock Rating

Consensus among analysts is a Hold based on 7 unanimous Holds. The average CyrusOne stock prediction of $90.36 implies upside potential of 0.57% from current levels. Shares have gained 27.3% over the past year.

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