Altice USA: second-quarter results warmly welcomed
(CercleFinance.com) - US cable TV provider Altice USA posted better-than-expected second-quarter results late on Wednesday, which sent its shares up as a result.
Net profit reached 86 million dollars, or 13 cents a share, from a net loss of 98 million dollars, or 13 cents a share, last year.
The New York-based company said adjusted EBITDA rose by 7.3% to 1.08 billion dollars.
Meanwhile, revenue rose by 3.7% to 2.45 billion dollars, largely driven by business services revenue (+6.1%).
Analysts were expecting around 4% growth.
Altice USA also raised its revenue guidance for 2019, now expecting growth of 3%-3.5%, from 2.5%-3% previously.
Analysts at Credit Suisse pointed out that the company said that Altice Mobile's launch is now "imminent", even though the management team did not give retail pricing figures.
Credit Suisse said Altice USA remained a "top pick" in the cable sector, as it remains the cheapest in its coverage scope.
The broker raised its target price for the share from 26 dollars to 30 dollars.
Altice shares were up 5.5% at 27.2 dollars in morning trading on Wall Street.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Net profit reached 86 million dollars, or 13 cents a share, from a net loss of 98 million dollars, or 13 cents a share, last year.
The New York-based company said adjusted EBITDA rose by 7.3% to 1.08 billion dollars.
Meanwhile, revenue rose by 3.7% to 2.45 billion dollars, largely driven by business services revenue (+6.1%).
Analysts were expecting around 4% growth.
Altice USA also raised its revenue guidance for 2019, now expecting growth of 3%-3.5%, from 2.5%-3% previously.
Analysts at Credit Suisse pointed out that the company said that Altice Mobile's launch is now "imminent", even though the management team did not give retail pricing figures.
Credit Suisse said Altice USA remained a "top pick" in the cable sector, as it remains the cheapest in its coverage scope.
The broker raised its target price for the share from 26 dollars to 30 dollars.
Altice shares were up 5.5% at 27.2 dollars in morning trading on Wall Street.
Copyright (c) 2019 CercleFinance.com. All rights reserved.