Cincinnati Bell Q3 Profit Falls, Expects FY16 Revenue Below View

(RTTNews) - Cincinnati Bell Inc. (CBB) Wednesday announced a sharp decline in third quarter net income applicable to common shareowners to $18.8 million from $80.3 million last year. On a per share basis, earnings declined to $.38 from $1.85 a year ago.

The company has recorded a gain on sale of CyrusOne investment of 33.3 million compared to $117.7 million in the previous year. Income from continuing operation also fell to $18.8 million from $79.3 million.

Revenue for the quarter were $312 million, up 4 percent from $299.8 million in the previous year. Wall Street expected $300.03 million.

Looking ahead to the full year 2016, the company expects revenue of $1.2 billion. Wall Street expects $1.19 billion.

Adjusted EBITDA for full year is expected to be $303 million plus or minus 2 percent.