Tue, Feb. 24, 8:50 AM
- Windstream (NASDAQ:WIN) traded 4.6% lower in premarket action as it posted Q4 revenue ($1.44B) that declined Y/Y was lower than expected, though the company pointed to strong cash flow and looked ahead to its REIT spinoff.
- "We have to do many things faster and better, and we will," says CEO Tony Thomas.
- Free cash flow was $101M for Q4 ($794M for the full year); capex of $234M in Q4 ($787M for the full year).
- Revenue breakouts: Enterprise and small business service, $747M (flat Y/Y); consumer service, $316M (flat); carrier service, $181M (down 7%); wholesale revenues, $104M (down 11%).
- Total customer locations dropped overall as a decline in small business (357.8K, down from 395.3K) was mitigated slightly by an increase in enterprise locations (up to 217.9K from 210.4K).
- The company guided 2015 total service revenue to be anywhere from a 4% decline to flat, and expects adjusted OIBDA margins to slip to the range of 34%-34.5%, mainly due to the "loss of high-margin carrier, switched access and universal service fund revenues."
- Press release
- Previously: Windstream shareholders overwhelmingly OK REIT spinoff measures (Feb. 20 2015)
- Previously: Windstream names Gunderman to lead REIT spinoff (Feb. 12 2015)
Tue, Feb. 24, 7:04 AM
Mon, Feb. 23, 5:30 PM
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Nov. 6, 2014, 8:07 AM
- Windstream (NASDAQ:WIN) now expects 2014 revenue growth to be at the low end of a prior guidance range of -2.5% to +1%; consensus is for a 1.9% decline. Also, capex guidance has been cut to $775M from $800M-$850M.
- Adjusted free cash flow guidance of $775M-$885M and dividend payout ratio guidance of 68%-78% is affirmed.
- Q3 enterprise/small business service revenue rose slightly Y/Y to $752M, with Internet and data center service growth offsetting voice declines. Consumer revenue fell 0.3% to $321M; 1.4% broadband growth and service bundle uptake offset voice declines.
- Carrier revenue fell 10% to $151M, as wireless carriers abandoned Windstream's TDM (i.e. T1/T3) circuits in favor of Ethernet networks. Wholesale revenue fell 11% to $132M due to rate cuts.
- Business customer locations fell by 5.3K Q/Q to 580.7K. Consumer voice lines fell by 30K to 1.64M, consumer broadband lines by 9K to 1.14M, and digital TV customers by 4K to 390K. Carrier special access circuits fell by 4.2K to 84.3K.
- Windstream's anticipated telecom network REIT spinoff is expected to occur in Q1 2015.
- WIN -1.6%. Q3 results, PR.
Nov. 6, 2014, 7:12 AM
Aug. 7, 2014, 10:31 AM
- Windstream's (WIN -2.3%) total service revenue fell 2% Y/Y in Q2 to $1.42B. Enterprise/small business service revenue rose slightly to $749M, but consumer fell 2.8% to $317M and carrier fell 6% to $155M.
- 10.7K business customers were lost Q/Q, lowering the total to 368K (-8% Y/Y). Consumer voice lines fell by 32.9K to 1.67M (-6% Y/Y), consumer broadband subs by 16.6K to 1.15M (-3%), digital TV subs by 4.8K to 394.1K (-5%), and carrier special access circuits by 4.9K to 88.5K (-14%).
- Adjusted free cash flow was $126M, better than net income of $14M. While revenue fell 2%, costs/expenses rose 2% to $1.3B.
- Windstream is affirming full-year guidance for -2.5% to 1% revenue growth, $800M-$850M in capex, adjusted free cash flow of $775M-$885M, and a dividend payout ratio of 68%-78%.
- Shares remain above where they traded before the telco's July 29 REIT announcement.
- Q2 results, PR
Aug. 7, 2014, 7:01 AM
May. 8, 2014, 8:36 AM
- Windstream's (WIN) adjusted free cash flow rose 27% Y/Y in Q1 to $314M, thanks to lower fiber-to-the-tower investments and cash interest payments. But a 6% increase in SG&A spend to $252.2M, and a 1% increase in cost of services to $644.6M (compares with a 2% revenue drop), led net income to fall to $16M from $52.3M, and EPS to miss estimates.
- Like other wireline carriers, local loop disconnections continue to pressure Windstream's top line. Voice lines declined by 19.1K in Q1 to 1.703M, and business customer locations fell by 7.7K to 598K.
- High-speed internet subs fell by 0.5K to 1.17M, carrier special access circuits by 6.7K to 93.4K, and digital TV subs by 3.4K to 398.9K.
- Business service revenue was flat Y/Y at $748M, with higher data service revenue offsetting voice losses. Carrier revenue fell 3% to $162M, consumer revenue 4% to $313M, and wholesale revenue 7% to $142M.
- Windstream is reiterating guidance for -2.5% to +1% 2014 revenue growth, as well as for full-year capex of $800M-$850M and adjusted free cash flow of $775M-$885M. The company's 2014 dividend payout ratio is expected to be within a steep range of 68%-78%.
- Q1 results, PR
May. 8, 2014, 7:05 AM
Feb. 27, 2014, 7:02 AM
Feb. 27, 2014, 12:05 AM| Comment!
Feb. 26, 2014, 5:30 PM| 1 Comment
Nov. 7, 2013, 7:12 AM
Aug. 8, 2013, 9:33 AM
- Windstream (WIN -4.2%) now expects 2013 revenue to fall 1%-3%. Prior guidance was for revenue growth of -2% to +1%, and the consensus is at -1.8%.
- Adjusted free cash flow is still expected to grow 13%-25% from 2012's $768M. Adjusted capex budget at $815M-$830M.
- Business service revenue (61% of total) +2% Y/Y. Consumer service -3% (local voice declines thanks to VoIP/mobile), wholesale service -13% (lower intrastate access rates and lower consumer voice switched access revenue).
- Within business, data and integrated services +8% Y/Y to $405M. Within consumer, broadband services +6% to $120M, with ARPU +7% Y/Y.
- Q2 adjusted free cash flow of $170M (-5% Y/Y) vs. net income of $40M.
- Total business customers fell by 6.3K Q/Q to 620.7K. Enterprise subs up, small business subs down. Consumer voice lines fell by 29.6K to 1.78M, broadband subs fell by 11.4K to 1.19M, digital TV subs by 6.2K to 414.9K.
- Peer CenturyLink is selling off after issuing light guidance to go with a Q2 beat (I, II). Frontier is off slightly after posting an in-line Q2 report.
- Q2 results, PR, slides, investor briefing
Aug. 8, 2013, 7:05 AM
Aug. 8, 2013, 12:05 AM
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Windstream Holdings, Inc. is a provider of communications and technology solutions, including managed services and cloud computing, to businesses nationwide. It offers broadband, voice and video services to consumers in rural markets.
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