U.S. Cellular (NYSE: USM) reported Q1 EPS of $0.69, $0.05 better than the analyst estimate of $0.64. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $984.37 million.

"UScellular had a strong start to 2021," said Laurent Therivel, UScellular President and CEO. "First quarter service revenues increased, showing the positive impact of higher ARPU. Operational and cost discipline throughout the quarter also contributed to our strong financial performance.

"With attractive promotions that are resonating with customers, postpaid and prepaid handset additions strengthened compared to the same period one year ago. We have adopted a regional model to be more agile, respond better to the customer, and execute more market-specific promotions.

"One of our top priorities and key competitive differentiators is to connect customers with the highest-quality network, including in underserved areas. Our 5G and network modernization programs are on track and we now offer 5G in portions of substantially all of our markets. We have also begun deploying our mmWave spectrum in order to offer fixed wireless access in three test markets, which will provide us with valuable learnings as we look to roll out this high-speed product to additional markets in our footprint. Our purchases of mid-band spectrum in the recent auctions will further enable our 5G capabilities well into the future.

"In April, we unveiled an exciting new brand campaign that highlights our community-first approach. 'America's Locally Grown Wireless' celebrates what makes UScellular such a special company. Over the years, we've become a national wireless provider with customers all over the country, but we've never lost sight of what's important – staying loyal to the people and communities we serve and providing them a great wireless experience.

"I want to thank all of our associates for their contributions and enthusiasm in executing our 2021 growth strategies thus far. I'm confident that UScellular is well-positioned as we, along with the rest of the country, begin to recover from the pandemic."

GUIDANCE:

U.S. Cellular sees FY2021 revenue of $3.05-3.15 billion, versus the consensus of $4.1 billion.

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