- Consolidated Communications Holdings Inc CNSL reported a first-quarter FY21 revenue decline of 0.3% year on year to $324.8 million, beating the analyst estimate of $316.99 million.
- Commercial and carrier revenue declined 1.8% to $144.3 million from the decline in Voice services and other revenue partially offset by Data and transport services revenue growth.
- Consumer revenue declined 2.7% to $123 million from Video and Voice services revenue decline partially offset by Broadband revenue growth.
- Subsidies revenue declined 0.3% to $17.4 million.
- Adjusted EPS was $0.21, above the consensus estimate of $0.06.
- Adjusted EBITDA declined 3.8% to $126.6 million due to expenses regarding the startup of the fiber expansion plans.
- The company generated $98.5 million in operating cash flow. It held $325.1 million in cash and equivalents.
- Capital expenditures rose 79.2% to $76 million due to its fiber build expansion plan and investment in digital transformation technology.
- The Q1 results demonstrated the company’s delivery of fiber growth plans. It upgraded 46,000 passings to Gig+ FTTP and sustained an eight-quarter track record of broadband revenue growth, CEO Bob Udell said.
- Guidance: CNSL affirmed the FY21 capital expenditure estimate between $400 million and $420 million and adjusted EBITDA estimates $500 million and $510 million. The company aimed to bring gigabit broadband services to at least 70% of its footprint by 2025.
- Price action: CNSL shares traded higher by 4.81% at $6.97 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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