Altice USA (NYSE: ATUS) reported Q2 EPS of $0.13, in-line with the analyst estimate of $0.13. Revenue for the quarter came in at $2.45 billion versus the consensus estimate of $2.45 billion.

• Revenue growth +3.7% YoY in Q2 2019 to $2.45 billion, driven by Residential revenue growth of +3.4%, Business services revenue growth of +6.1% and advertising revenue growth of +2.8%.
• Net income of $86 million in Q2 2019, or $0.13/share (from net loss of $98 million in Q2 2018, or $0.13/share).
• Adjusted EBITDA grew +7.3% YoY to $1.08 billion, an Adjusted EBITDA margin of 44.0% in Q2 2019 (+7.8% YoY Adjusted EBITDA growth and 44.2% Adjusted EBITDA margin excluding mobile losses(1)).
• Free Cash Flow(2) declined 3.2% YoY in Q2 2019 to $472 million mainly reflecting higher investment in key growth initiatives including Altice One, fiber (FTTH), new home build expansion and mobile.
• 2019 revenue growth guidance upgraded to 3.0-3.5% YoY (from 2.5-3.0% previously).
• Share repurchases of $600 million in Q2 2019 ($1.2 billion YTD); Altice USA’s Board of Directors authorizes new incremental 3-year $5 billion buyback program.

Dexter Goei, Altice USA Chief Executive Officer, said. "Altice USA had an excellent second quarter as we continued to successfully execute against our strategic priorities. Once again, Altice One and our network investments drove improved video and data customer performance, leading to stronger customer relationships and accelerated growth in revenue while still enhancing profitability. We completed the Cheddar acquisition to fuel growth in news and advertising, and our advanced advertising platform continues to deliver positive results. As we look ahead, we remain hyper-focused on our key growth initiatives including the imminent launch of Altice Mobile and accelerated build out of our fiber network. In light of the company’s better-than-expected performance, we have increased our revenue guidance, now expecting 3.0% to 3.5% revenue growth in 2019. Finally, the Altice USA Board of Directors has authorized a new incremental three-year buyback program of $5 billion, underscoring the company’s commitment to return capital to shareholders.”

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