CenturyLink Gets a One-Time Lift From Tax Law -- Market Mover

Date : 02/14/2018 @ 5:52PM
Source : Dow Jones News
Stock : Centurylink, Inc. (CTL)
Quote : 18.18  -0.34 (-1.84%) @ 6:00PM

CenturyLink Gets a One-Time Lift From Tax Law -- Market Mover

Centurytel (NYSE:CTL)
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   By Maria Armental 
 

CenturyLink Inc.'s (CTL) shares rose 10% to $19.26 following the release of fourth-quarter results that got a one-time $1.1 billion boost from the U.S. tax overhaul.

The telecom provider, which last year bought Level 3 communications in a roughly $25 billion deal, forecast 2018 adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, of $8.75 billion to $8.95 billion, compared with analysts' projected $8.6 billion.

Overall, fourth-quarter profit surged to $1.11 billion, or $1.26 a share, from $42 million, or 8 cents a share, a year earlier. On an adjusted basis, profit was 18 cents a share.

Revenue rose 24% to $5.32 billion.

Analysts surveyed by Thomson Reuters expected 30 cents a share on $5.69 billion in revenue.

Through Wednesday's closing, the company's stock was down 28% over the past 12 months, lagging the market by a wide margin.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

February 14, 2018 17:37 ET (22:37 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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