Liberty Global's Profit Surges Driven by $12 Billion Gain From Deal With Vodafone
November 06 2019 - 06:17PM
Dow Jones News
By Maria Armental
Liberty Global PLC reported third-quarter results on Wednesday.
Here's what you need to know:
PROFIT: Net income surged to $12.85 billion from $974.1 million
a year earlier, largely tied to a $12.2 billion gain on the sale of
operations in Germany, Hungary, Romania and the Czech Republic to
Vodafone Group PLC.
REVENUE: Revenue from continuing operations declined 0.6% to
$2.84 billion.
OUTLOOK: It affirmed operating cash flow and free cash flow
guidance for the year.
"We are entering a new phase of operating and free cash flow
expansion with capital intensity down 29% through nine months and
operating free cash flow up 80%," Mike Fries said in a statement,
citing figures that exclude operations in Switzerland.
SWISS OPERATIONS: "While we are disappointed that Sunrise was
unable to obtain approval for the financing of their acquisition of
our Swiss operation, we are excited with the progress we continue
to make in that market, Mr. Fries said.
The share-purchase agreement with Sunrise Communications Group
AG was amended on Oct. 22.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 06, 2019 18:02 ET (23:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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