Altice revenues, EBITDA rise in Q3 bolstered by US

Friday 3 November 2017 | 09:20 CET | News

Altice said revenues and adjusted EBITA lifted in the third quarter, with losses at France pretty much offset by gains in the US. Group revenues went to EUR 5.755 billion, up 0.3 from the year before on a constant currency basis and down 1.8 percent on a reported basis. Revenues in the US advanced 3.2 percent at constant currency, while at France, they fell 1.3 percent. Sales also slid in Portugal, down 3.1 percent. At Israel, they Israel grew 3.1 percent. 

The adjusted EBITDA went 4.2 percent higher to EUR 2.358 billion, with the margin expanding by 1.5 percentage points to 41.0 percent. The US also led here, going 18.9 percent higher. At SFR France and PT Portugal, EBITDA fell 3.2 percent and 1.3 percent, respectively.  Operating cash flow increased 6.2 percent year-on-year to EUR 1.411 billion. 

Fibre/cable homes passed reached over 10 million in France. In the US, the company is on track to reach 1 million homes by the end of 2018 while in Portugal, 4 million homes were passed in the quarter. In total, the company’s cable/fibre footprint reached 26 million at the end of the quarter, from just over 25 million in Q2.  Fixed customers reached 8.539 million in the quarter from 8.44 million in Q2. The mobile base went lower to 25.889 million from 25.95 million quarter-on-quarter. 

 CEO Michel Combes said the company will in the US invest more in fibre and digitalisation. In Europe, it will intensify its focus on customer experience and seek to return France and Portugal to growth. The company in general wants to quickly expand into the media and advertising space, which it says are the fastest growing businesses in the group. In the US, the company announced its new Altice One cloud platform, aimed at replacing the cable box, modem and router.

For the full year, Altice expects revenues to grow on a pro forma organic basis, with adjusted EBITDA seen up by high-single digit growth. Group capex is forecast at EUR 4 billion.

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