Centurylink Inc (NYSE:CTL) posted meek quarterly results after Wednesday’s market close.
The company reported earnings of $228 million, or 42 cents per share on an adjusted basis, below the year-ago profit of $305 million , or 56 cents per share. Analysts surveyed by Thomson Reuters were calling for earnings of 45 cents per share.
CenturyLink also missed the mark on the revenue front as its third-quarter sales slumped 8% year-over-year, coming in at $4.03 billion. A year ago, the company earned $4.38 billion.
Strategic revenue came in at an underwhelming $1.89 billion, which was a 7% decline from the year-ago figure. In the Legacy revenue segment, CenturyLink raked in $1.71 billion, falling 10% year-over-year.
In the data integration revenue segment, the company brought in $134 million, falling 18%. Its Enterprise revenue was $2.17 billion and its Consumer revenue was $1.39 billion, losing 11.2% and 5.8% respectively compared to the year-ago figures.
CenturyLink’s operating expenses fell from $3.79 billion to $3.55 billion year-over-year as the company experienced a reduction in depreciation expense, as well as decreased expenses related to the Colocation Sale. Salaries and wages were also lower due to a reduced headcount in the fourth quarter of 2016.
For the fiscal year 2017, the company predicts that its adjusted EBITDA will be in the range of $2.94 billion and $3 billion to go along with a free cash flow in the neighborhood of $1.1 billion to $1.16 billion.
CTL shares were plummeting about 7.6% after the bell Wednesday. Company shares are down more than 31.6% year-to-date.