CenturyLink Earnings: CTL Stock Is Down 10% on EPS Beat, Revenue Miss
CenturyLink earnings (NYSE:CTL) were released late in the day on Wednesday afternoon and the company’s results were mixed as its earnings came in ahead of what the Wall Street consensus estimate was calling for, but a miss on the revenue front took a toll on the company’s value, sending shares plummeting after hours.
The Monroe, La.-based telecommunications giant said that for its fourth quarter of its fiscal 2018, it brought in a loss of $2.41 billion, which was a considerably lower amount than the profit it turned during its fourth quarter of its fiscal 2017. The company added that it had a loss of $2.26 per share for the period.
On an adjusted basis when taking into account its non-recurring costs, Century Link said it brought in earnings of 37 cents per share. The figure was better than what the Wall Street consensus estimate was calling for, according to the average estimate of 36 cents per share from seven analysts who were surveyed by Zacks Investment Research.
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The company added that its revenue for the period tallied up to $5.78 billion, which was below Wall Street’s guidance of $5.8 billion, per data from five analysts who were surveyed by Zacks. For its fiscal 2018, CenturyLink brought in a loss of $1.73 billion, or $1.63 per share, while revenue was $23.44 billion.
CTL stock is down 10.8% after hours following its results, while shares had gained 1% during regular trading hours Wednesday.
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