CNSL - Consolidated Communications slides 21% as revenues decline

Consolidated Communications (NASDAQ:CNSL) has nosedived 20.6% after its fourth-quarter earnings where profits per share topped expectations but revenue dipped slightly year-over-year. Those revenues fell 2.3% to $318.5 million; of that, consumer broadband revenue rose 1.1% to $67 million, while commercial and carrier data transport revenue fell 2.9%, to $90.1 million. Adjusted EBITDA was $126.2 million, down from a prior-year $132.3 million. The company upgraded 330,000 locations in 2021 to multi-gig-capable fiber services. “In 2022, we plan to upgrade 400,000 additional locations and achieve a milestone of 1 million fiber Gigabit+ passings, demonstrating great momentum towards our goal to upgrade 1.6 million locations or 70% of passings by 2025," says CEO/President Bob Udell. Net cash from operations was $22.9 million, bringing cashing and short-term investments to $210.4 million. Meanwhile, the company says it's going to sell its Kansas City assets to funds managed by Alinda Capital Partners. That deal is expected

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Consolidated Communications slides 21% as revenues decline