Cincinnati Bell (CBB) Misses Q2 EPS by 7c, Revenues Miss; Boosts FY18 Revenue Outlook Above Consensus

Cincinnati Bell (NYSE: CBB) reported Q2 EPS of ($0.19), $0.07 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $297 million versus the consensus estimate of $298.27 million.

• Revenue of $297 million, up 14% year-over-year
• Operating income totaled $20 million with Adjusted EBITDA1 of $80 million, up 3% year-over-year
• Entertainment and Communications revenue of $174 million, with Fioptics revenue up 11% year-over-year
• Fioptics internet subscribers up 10% and Fioptics video subscribers up 2% year-over-year
• IT Services and Hardware revenue of $128 million, up $44 million from a year ago
• Cash provided by operating activities totaled $90 million year-to-date, and free cash flow2 totaled $26 million year-to-date
• Completed combination with Hawaiian Telcom on July 2, 2018, accelerating Cincinnati Bell’s leadership in metro-fiber deployment and penetration

Mr. Fox concluded, “As we look toward the second half of 2018 and beyond, we are focused on a successful integration of Hawaiian Telcom to ensure we unlock the full potential of this combination. We firmly believe that our commitment to growing our two distinct businesses, coupled with our disciplined capital allocation and sharp focus on execution, will allow us to deliver superior operating results and long-term shareholder value.”

GUIDANCE:

Cincinnati Bell sees FY2018 revenue of $1.375-1.46 million, versus the consensus of $1.2 million.

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

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