Telenor Swung to 2Q Net Profit; Backs Guidance After Beating Market Views on Earnings, Revenue
July 20 2023 - 1:50AM
Dow Jones News
By Joe Hoppe
Telenor ASA said Thursday that it swung to a second-quarter net
profit, and backed full-year guidance after beating market
expectations for earnings and revenue.
The Norwegian telecommunications provider posted a
second-quarter net profit of 821 million kroner ($81.8 million)
compared with a net loss of NOK1.11 billion a year earlier.
Earnings before interest, tax, depreciation and amortization
before other items--the company's preferred measure--rose to
NOK8.77 billion from NOK8.46 billion, as revenue climbed to
NOK20.22 billion from NOK19.25 billion, the company said.
A company-compiled consensus had expected Ebitda before other
items of NOK8.48 billion on revenue of NOK19.75 billion.
Telenor said its connectivity for customers and attractive
security offerings were driving growth.
"We maintain our focus on progress in modernization and
efficiency initiatives that will drive improved cash-flow
generation over time," President and Chief Executive Sigve Brekke
said.
For 2023, Telenor said it 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%.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 20, 2023 01:35 ET (05:35 GMT)
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