CenturyLink Posts Q4 Loss

(RTTNews) - CenturyLink Inc. (CTL) Wednesday reported a loss for the fourth quarter. Adjusted earnings trumped Wall Street estimates, while revenues were in line. However, shares of the company slipped over 8% in the extended trading session.

Monroe, Louisiana-based CenturyLink's fourth-quarter loss was $2.41 billion or $2.26 per share, compared to profit of $1.12 billion or $1.26 in the same period last year.

Excluding items, CenturyLink' adjusted earnings were $394 million or $0.37 per share for the period. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.32 per share for the quarter.

Revenues for the quarter dropped to $5.78 billion from $6.01 billion in the same period last year. Analysts had a consensus revenue estimate of $5.78 billion.

CEO Jeff Storey said, "In 2019, we are shifting our focus from integration to transformation. We are focused on profitable revenue growth in our business markets and believe the scope and scale of our global assets, along with our innovative product portfolio, position us to succeed."

CTL closed Wednesday's trading at $14.70, up $0.15 or 1.03% on the NYSE. The stock, however, slipped $1.30 or 8.84% in the after-hours trade.