Cincinnati Bell (CBB) Misses Q4 EPS by 11c, Slight Beat on Revenues; Provides FY20 Revenue Outlook

Cincinnati Bell (NYSE: CBB) reported Q4 EPS of ($0.22), $0.11 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $390.4 million versus the consensus estimate of $389.85 million.

FOURTH QUARTER 2019 HIGHLIGHTS

• Revenue of $390 million and operating income of $15 million — Adjusted EBITDA totaled $103 million
• Entertainment and Communications revenue of $246 million, generating Adjusted EBITDA of $90 million
• - Fiber-to-the-premise (“FTTP”) HSI net activations totaled 4,600 in Cincinnati and 800 in Hawaii during the quarter
• IT Services and Hardware revenue of $150 million, generating Adjusted EBITDA of $19 million

Leigh Fox, President and Chief Executive Officer of Cincinnati Bell, commented, “2019 was another impressive year for Cincinnati Bell. The company’s superior fiber assets and robust IT services business continue to drive results year-after-year. I am proud of our team’s efforts and their ability to execute on our strategic objectives and deliver solid results in-line with our financial targets.”

Mr. Fox continued, “We are working to close our previously announced acquisition by Brookfield Infrastructure. This transaction creates clear and immediate value for shareholders, including an impressive 84% premium to the 60-day volume weighted average price prior to the announcement, and further highlights the value of our assets.”

GUIDANCE:

Cincinnati Bell sees FY2020 revenue of $1.515-1.575 billion, versus the consensus of $1.54 billion.

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

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