Cincinnati Bell (CBB) Posts Q1 EPS of $1.37, Including Items

Cincinnati Bell (NYSE: CBB) reported Q1 EPS of $1.37, which includes positive items and does not compare to the analyst estimate of ($0.09). Revenue for the quarter came in at $278 million versus the consensus estimate of $291.7 million.

In the first quarter of 2017, the company recognized a $118 million gain on the sale of its remaining 2.8 million shares of CyrusOne.

• Revenue from strategic products totaled $165 million, up 9 percent compared to the prior year
• Entertainment and Communications revenue totaled $195 million, up $5 million from a year ago - Fioptics revenue was up 26 percent year-over-year
• Internet subscribers totaled 307,400, up 15,000 over the prior year
• Acquired SunTel Services to expand CBTS' national footprint
• Sold remaining 2.8 million shares of CyrusOne for proceeds of $141 million

"Our fiber network and IT solutions business represent two distinct assets. This team's ability to capitalize on the demand for these strategic assets is key to our future growth," said Leigh Fox, president and chief operating officer. Fox also added, "We continue to execute on our long-term strategy. We sold our remaining stake in CyrusOne and the acquisition of SunTel Services was an important step toward expanding the national footprint of our IT services."

Sees FY 2017 revenues of $1.2 billion and Adjusted EBITDA of $295 million (plus or minus 2 percent)

For earnings history and earnings-related data on Cincinnati Bell (CBB) click here.

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