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Broadband

Windstream sharply reduces net loss in Q4, despite lower revenues

Friday 15 March 2019 | 14:56 CET | News
Windstream, which recently filed for Chapter 11 bankruptcy protection, said it added 6,000 new Kinetic customers in the fourth quarter. The company earlier reported it added 14,400 customers for full year 2018, from a loss the year before of 45,000 customers. CEO Tony Thomas said the company delivered a strong year, with 12 consecutive months of broadband subscriber growth through February 2019. Thomas expects that growth to continue throughout the year. The company will this year continue to focus on improving sales productivity, reducing churn across all business units, improving customer experience and maintaining aggressive cost management and operational efficiencies. “We are confident we will emerge from the financial restructuring process as a healthier and even stronger company than we are today, and we are excited about the opportunities that lie ahead of us,” Thomas said. 

Revenues for the fourth quarter slipped somewhat to USD 1.39 billion from 1.50 billion the year before, with service revenues falling 4 percent at ILEC Consumer and Small Business, declining 7 percent at Enterprise, sliding 7 percent at Wholesale and off 17 percent at CLEC Consumer, primarily consisting of EarthLink’s consumer internet business. The adjusted OIBDAR decreased 9 percent to USD 472 million. The group operating profit however rose to USD 64 million from a loss the year earlier of 1.79 billion. The net loss shrank significantly, to USD 549 million or USD 12.92 per share, from a loss of 1.84 billion or 51.28 per share. Windstream noted that it took a USD 1.84 billion non-cash goodwill impairment charge related to its ILEC Consumer & Small Business and Wholesale segments. The company added that it completed the sale of pretty much all of its CLEC Consumer business in December. The consumer operations sold were made up solely of the former EarthLink consumer business Windstream bought in February 2017. 

For full year 2018, revenues went lower to USD 5.71 billion from 5.85 billion. The operating profit result advanced to a profit of USD 297 million from a loss of 1.60 while the net loss more than halved to USD 723 million or a loss of USD 17.72 per share, against a loss of 2.12 billion or 62.66 per share. The adjusted OIBDAR was down 2 percent to US D1.97 billion.



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Categories: Fixed
Countries: United States
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