GTT Communications (GTT) Misses Q3 EPS by 20c, Beats on Revenues

GTT Communications (NYSE: GTT) reported Q3 EPS of ($0.23), $0.20 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $198.9 million versus the consensus estimate of $197.18 million.

Third quarter highlights:

• Revenue of $198.9 million grew 50.8% over 3Q16, and grew 6.8% over 2Q17.
• Net loss was $9.5 million, compared to net income of $5.1 million in 3Q16 and net income of $0.6 million in 2Q17. The 3Q17 net loss included $17.5 million in non-recurring costs related to the Global Capacity acquisition and the term loan repricing.
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) of $56.2 million grew 75.0% over 3Q16, and grew 4.6% over 2Q17. Adjusted EBITDA margin of 28.3% grew 390 basis points over 3Q16 and decreased 60 basis points over 2Q17.
• Capital expenditures were $9.1 million (4.6% of revenue), compared to $5.5 million in 3Q16 (4.2% of revenue) and $9.3 million in 2Q17 (5.0% of revenue).
• Using constant currency, (i) 3Q17 revenue and Adjusted EBITDA would have been lower than reported by $1.1 million and $0.5 million, respectively, compared to 3Q16, and (ii) 3Q17 revenue and Adjusted EBITDA would have been lower than reported by $2.0 million and $1.0 million, respectively, compared to 2Q17.

For earnings history and earnings-related data on GTT Communications (GTT) click here.

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