CenturyLink (NYSE:CTL) revenues declined and missed in its Q1 report, in which it took a $6.5B goodwill impairment on the "triggering event" of its stock price decline.
That means a net loss of $6.165B; excluding special items, net income would be $360M.
EBITDA was $2.262B, with margin expanding to 40.1% from a previous 36.7%.
The company announced it's started a strategic alternatives review for its Consumer business, and has engaged external advisers. It's making "significant" contributions to profitability and free cash flow, and "We are comfortable operating this business for the long term, but the strategic review will help us better understand whether there are opportunities to better maximize the value of this asset," CEO Jeff Storey says.
Free cash flow was $315M, down from last year's $941M. Cash and equivalents were $441M as of quarter's end.
It's reiterating 2019 guidance for EBITDA of $9B-$9.2B, free cash flow of $3.1B-$3.4B, capex of $3.5B-$3.8B and dividends of $1.075B.
"Looking back at the first quarter 2019, we are off to a good start in capturing synergy and cost transformation savings," CFO Neel Dev says.
Enstar (NASDAQ:ESGR):
Q1 Non-GAAP EPS of $9.22; GAAP EPS of $16.57.
Revenue of $887.27M (+755.0% Y/Y)
Press Release