CenturyLink (NYSE:CTL) stock was soaring on Thursday as the company reported its latest quarterly earnings results early in the day, which were stronger than what analysts were calling for in the earnings front, while its outlook was ahead of the mark.
The Monroe, Louisana-based telecommunications company said that for its second quarter of fiscal 2018, it brought in net income of $292 million, or 27 cents per share. The figure was considerably stronger than what it brought in during the year-ago quarter at $69 million, or 6 cents per share.
Analysts were calling for CenturyLink to bring in earnings of 18 cents per share for the period, according to data from analysts polled by FactSet. The company’s revenue was not as strong as it came in at $5.90 billion, declining from the $6.04 billion it raked in during the second quarter of fiscal 2017.
Wall Street said in its consensus estimate that it was calling for the company to bring in sales of roughly $5.92 billion. CenturyLink also increased its outlook for the fiscal year 2018 as it now sees its adjusted profits to be in the range of $9 billion and $9.15 billion.
The company’s previous outlook called for adjusted profit in the range of $8.75 billion and $8.95 billion.
CTL stock skyrocketed about 13.1% during regular trading hours on Thursday following the company’s strong quarterly earnings showing and its outlook beat. Shares fell back around 0.6% after the bell.