CenturyLink Reports Q4 2019 Results

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“We made solid progress in 2019 with our fiber-based investments and our transformation initiatives,” said CenturyLink President/CEO Jeff Storey. “Our investments not only helped to enhance and expand our fiber network and product portfolio, they enabled us to continue to improve the customer experience. We are well-positioned to support our customers as they transition to next-generation hybrid platforms to meet their networking needs. We are excited about the opportunity we see for profitable revenue growth from ongoing market dynamics, such as the growth in security, IoT, big data, 5G, AI and the demand for edge computing.”

Total revenue for CTL was $5.57 billion for the fourth quarter 2019, compared to $5.78 billion for Q4 2018. Diluted earnings per share was $0.21 for the fourth quarter 2019, compared to ($2.26) for the same period a year prior. Diluted earnings per share for the fourth quarter 2019 was $0.33 compared to $0.37 per share for Q4 2018, excluding the aggregate effects of Integration and Transformation Costs and Special Items of $129 million and $2.806 billion, respectively. 

Highlights included:

  • Net Income of $352 million
  • Generated Adjusted EBITDA of $2.278 billion for the fourth quarter 2019, excluding $173 million of Integration and Transformation Costs and Special Items
  • Expanded Adjusted EBITDA margin, excluding Integration and Transformation Costs and Special Items, to 40.9% in the fourth quarter 2019, from 39.8% in the fourth quarter 2018
  • Generated Net Cash Provided by Operating Activities of $1.909 billion for the fourth quarter 2019
  • Generated Free Cash Flow of $1.022 billion for the fourth quarter 2019, excluding $53 million of cash paid for Integration and Transformation Costs and Special Items

Full Year 2019 Highlights

  • Reported Net Loss of $5.269 billion for the full year 2019; excluding Integration and Transformation Costs and Special Items, reported Net Income of $1.409 billion
  • Generated Net Cash Provided by Operating Activities of $6.680 billion for the full year 2019
  • Grew full year Adjusted EBITDA to $9.070 billion and generated Free Cash Flow of $3.276 billion, excluding Integration and Transformation Costs and Special Items of $299 million and $224 million, respectively
  • Reduced Net Debt by approximately $2 billion and reduced leverage to 3.7x Net-Debt-to-Adjusted EBITDA
  • As of the end of 2019, achieved approximately $430 million of annualized run-rate Adjusted EBITDA cost-transformation savings

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