Uniti Earnings: Results Contain Few Surprises as We Remain Skeptical of Windstream Merger Benefits

Uniti’s third-quarter results were consistent with the steady, low-growth path it has been on for years. Management continues boasting about the opportunity and success it has had in offering customers the ability to meet the network demands associated with artificial intelligence. Still, this incremental business doesn’t materially move the needle relative to the Windstream lease that continues to dominate Uniti’s revenue base.