CBEY 1Q Results In-Line With Consensus, Citi Reports

Cbeyond, Inc. CBEY reported in-line 1Q results that “showed progress at migrating customers to higher-bandwidth services through its Ethernet-Over Copper platform, growing its cloud-based services at a favorable pace, and managing its cost structure,” Citi reports. “Revenue of $119 mil. was in-line with our est. and better than consensus of $118 mil., while norm. OIBDA of $19.3 mil. exceeded our est./consensus of $18.4/$18.3 mil. “Norm. EPS of $0.00 was better than our loss estimate of ($0.04) and consensus of ($0.05). FY11 guidance was maintained with back-half loading of OIBDA.” Cbeyond closed Wednesday at $12.99.