On Wednesday, telecommunications provider CenturyLink (CTL) reported better-than-expected quarterly profits and operating revenue. Investors liked the news, sending CTL stock surging more than 5% in Thursday morning trading.
CTL shares rose after CenturyLink said it earned $203 million during the first quarter, down from $298 million in the prior-year period. Adjusted EPS came in at 66 cents, topping the range of between 58 cents and 63 cents that CTL had forecast in February, the Wall Street Journal noted.
During the quarter, operating revenue rose slightly to $4.54 billion. CTL had previously estimated first-quarter revenue of between $4.46 billion and $4.51 billion.
Looking forward, CTL said it expects second-quarter operating revenue to be between $4.48 billion to $4.53 billion. Analysts are looking for revenue of $4.49 billion. Adjusted second-quarter EPS is predicted between 62 and 67 cents. Wall Street is looking for second-quarter earnings of 64 cents per share.
CTL stock closed at $34.65 per share on Wednesday.
More Stocks on the Move: