CNSL - Why Shares of Consolidated Communications Are Up Today
Shares of Consolidated Communications (NASDAQ: CNSL) traded up more than 12% on Thursday afternoon after the broadband provider reported third-quarter results that came in ahead of expectations. The shares are still down considerably for the year, but Consolidated Communications is showing signs of success executing on the debt reduction plan that sent shareholders running for the exits in April.
Before markets opened Thursday, Consolidated reported adjusted earnings of $0.06 per share on revenue of $333.3 million, beating analyst expectations for a $0.04 per-share loss on revenue of $332 million. The company also reaffirmed its guidance for full-year adjusted EBITDA of $520 million to $525 million, while raising its full-year capital expenditures estimate by $10 million to $220 million-$225 million due in part to hurricane damage in some of its markets.
Consumer broadband sales were up in the quarter. Image source: Getty Images.