Telenor +9.3% on earnings beat, 30M-share buyback

|About: Telenor ASA ADR (TELNY)|By:, SA News Editor

Telenor (OTCPK:TELNY) has jumped 9.3% in U.S. trading after posting a narrower loss than expected in Q2 and setting a buyback of up to 30M shares.

Revenues of 31.47B Norwegian kroner beat an expected 31.21B, showing organic growth of 2.1%, and EBITDA of 12.72B kroner (up 12%) beat consensus for 11.675B.

EPS loss on a GAAP basis was 0.11 kroner, vs. expectations for a loss of 0.44 kroner.

Free cash flow came to 9.95B kroner, up substantially from a year-ago 497M kroner.

With "proceeds from recent transactions combined with a solid balance sheet," the company set a 2% share buyback.

For 2017, it's boosting EBITDA margin guidance to 38-39% from a previous 37%. It still sees organic revenue growth of 1-2%.

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