BT Beats 3Q Expectations, But Flags Challenges Ahead -- Earnings Review
2019年2月1日 - 1:11AM
Dow Jones News
By Adria Calatayud
BT Group PLC (BT.A.LN) reported results for its third fiscal
quarter on Thursday. Here's what you need to know:
REVENUE: The British telecommunications company generated
revenue of 5.98 billion pounds ($7.83 billion) in the quarter to
Dec. 31. This was 1.4% below revenue of GBP6.07 billion in the
year-earlier period, but ahead of analysts' forecasts of GBP5.97
billion, according to a consensus estimate provided by the
company.
ADJUSTED EBITDA: BT posted quarterly adjusted earnings before
interest, taxes, depreciation and amortization--its preferred
profit measure, which strips out exceptional items--of GBP1.88
billion. This represented a 3% fall on year, but exceeded analysts'
expectations of an adjusted Ebitda of GBP1.82 billion, according to
a company-provided consensus.
WHAT WE WATCHED:
-OUTLOOK: BT expects adjusted Ebitda for the year to March 31 to
be near the top end of its previous guidance range of GBP7.3
billion to GBP7.4 billion, having previously anticipated to be "in
the upper half." However, the company flagged significant market
and regulatory pressures and warned on Brexit-related uncertainty.
BT shares at 1532 GMT traded 1.4% lower at 230.80 pence.
Analysts at Jefferies said BT's outlook comments on
uncertainties, including Brexit, suggested the company could face
headwinds in fiscal 2020, which would ease in the following year
thanks to the benefits of the restructuring launched in May.
Meanwhile, UBS analysts said BT's consumer division--which was the
main driver behind its third-quarter beat--could be under more
pressure in the current quarter.
-NEW CEO: Former Worldpay Inc. (WP) co-chief executive Philip
Jansen will become BT's CEO on Friday, replacing Gavin Patterson.
In a call with analysts, Mr. Jansen said he would outline his
strategy for the company at the presentation of the full-year
results in May. However, he said BT is in a period of sustained
investment, which is required to transform its business.
-HUAWEI: Mr. Patterson, BT's departing CEO, tried to distance
the company from concerns surrounding China's Huawei Technologies
Co. In December, BT said it would remove Huawei gear from the core
of its network as part of a planned upgrade. Although BT has a
long-term relationship with the Chinese
telecommunications-equipment maker, it also has robust security
controls, Mr. Patterson said in a call with analysts. "We operate
with close alignment with the [U.K.'s National Cyber Security
Centre] to proactively manage how we use Huawei in our network,"
Mr. Patterson said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
January 31, 2019 10:56 ET (15:56 GMT)
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