Telephone & Data Systems (NYSE: TDS) reported Q4 EPS of $0.10, $0.07 better than the analyst estimate of $0.03. Revenue for the quarter came in at $1.34 billion versus the consensus estimate of $1.33 billion.

"I am pleased with the progress the TDS Family of Companies made in 2019 toward our long-term strategic goals," said LeRoy T. Carlson, Jr., TDS President and CEO. "U.S. Cellular executed on a number of important initiatives in 2019 and increased revenues and Adjusted EBITDA, putting it in a strong position to support multi-year investments in network modernization and 5G launches. TDS Telecom saw continued success with both fiber expansion and broadband penetration, resulting in increased broadband connections and revenues.

"U.S. Cellular customers continued to migrate to unlimited data service plans, shifted to smartphones and adopted device protection plans which combined, boosted average revenue per user. U.S. Cellular also generated strong growth in roaming revenue, while at the same time driving down roaming expense through favorable agreements with major carriers. U.S. Cellular will continue to invest heavily to improve the customer experience. This year, U.S. Cellular will deploy 5G commercially in two markets and continue its VoLTE deployment. Additionally, it has recently launched commercial service in Sioux City, Iowa and Northern Wisconsin.

"In 2019, TDS Telecom continued to expand their fiber footprint both inside and outside of their traditional markets. In the wireline segment, increases in video and broadband connections, coupled with demand for higher broadband speeds, drove increases in average residential revenue per connection. Cable connections also grew rapidly driven by strong increases in broadband connections and the acquisition of Continuum in North Carolina. TDS Telecom plans more fiber expansion while evaluating additional out-of-territory fiber opportunities and cable acquisitions in attractive markets."

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