EarthLink (ELNK) Tops Q2 Views; Boost Forecast
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EarthLink (Nasdaq: ELNK) reports Q2 earnings of $0.47 per share, above the consensus of $0.36. Revenues came in at $245.6 million, versus the consensus of $245.6 million.
For the full year 2008, management is increasing its previously issued guidance. During the first six months of 2008, EarthLink's reputation for world-class customer service contributed to higher than expected passive subscriber additions and better than expected improvements in average monthly customer churn. Additionally, efforts to improve the company's cost structure have surpassed original expectations. As a result of these favorable developments but recognizing that the magnitude of cost improvements will be lower in the remainder of 2008, management now expects to generate income from continuing operations of $180 million to $195 million, Adjusted EBITDA of $275 million to $290 million, and free cash flow of $250 million to $270 million for the full year 2008.
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