Telenor 1Q Earnings Missed Forecasts But Guidance Maintained
May 04 2023 - 4:12AM
Dow Jones News
By Dominic Chopping
Norwegian telecommunications provider Telenor on Thursday
maintained full-year guidance despite posting a lower-than-expected
first-quarter net profit.
The company posted a net profit of 18.15 billion kroner ($1.69
billion), compared with NOK6.57 billion a year earlier and versus a
FactSet analyst forecast of NOK21.63 billion. The company
registered a gain of NOK18.5 billion in the quarter after closing
the merger of Thai telecom companies Total Access Communication and
True Corp.
Adjusted earnings before interest, tax, depreciation and
amortization--the company's preferred measure--was little-changed
at NOK8.08 billion, as revenue rose 4.1% to NOK19.19 billion,
Telenor said.
A company-compiled consensus had expected adjusted Ebitda of
NOK9.99 billion on revenue of NOK24.59 billion.
"We have been able to demonstrate solid execution across all
four business areas," Chief Executive Sigve Brekke said.
"The underlying mobile service revenue growth was 5%, and the
fixed business is turning positive after completion of the copper
decommissioning... Going forward, we will continue with our Nordic
modernisation agenda to drive profitable growth."
For 2023, Telenor still expects low to mid-single-digit growth
in both service revenue and Ebitda in the Nordics, with a capital
expenditure-to-sales ratio of around 17%.
Overall, Telenor said it maintains its midterm ambitions.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
May 04, 2023 03:57 ET (07:57 GMT)
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