CenturyLink stock falls 7% after earnings show declining sales, profit
CenturyLink Inc. (CTL) shares dropped more than 7% in after-hours trading following an earnings report that showed sales and profit declining faster than expected. The telecommunications firm reported (http://ir.centurylink.com/Cache/1500114990.PDF?O=PDF&T=&Y=&D=&FID=1500114990&iid=4057179) third-quarter profit of $272 million, or 25 cents a share, on sales of $5.82 billion, down from $6 billion a year ago. After adjustments for the recent Level 3 acquisition (http://www.marketwatch.com/story/level-3s-stock-surges-after-centurylink-buyout-deal-confirmed-2016-10-31) and other effects, the company reported earnings of 30 cents a share, down from 42 cents a share a year ago. Analysts on average expected adjusted earnings of 30 cents a share on sales of $5.88 billion. The stock closed with a 1.8% decline at $21.08 before dropping about 7.5% in after-hours trading. Shares were up 26.4% so far this year, as the S&P 500 index has gained 5.3%.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 08, 2018 16:49 ET (21:49 GMT)
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