Lumen Technologies, a global telecommunications company, witnessed a continued decline in its stock prices today, marked by a surge in trading volume.
At the time of this publication, Lumen Technologies Inc stock (LUMN) has witnessed a decline.
Lumen Technologies Inc
Current Price: $0.89
Change : -0.09
Change (%): (-8.92%)
Volume: 86.1M
Source: Tomorrow Events Market Data
This comes on the heels of the company’s release of its financial results for the third quarter (Q3) of 2023, which unveiled an adjusted loss per share (excluding special items) of 9 cents. This figure starkly contrasts with the prior-year quarter, which boasted adjusted earnings per share (EPS) of 14 cents.
Quarterly total revenues tallied at $3,641 million, reflecting a 17.1% decline compared to the previous year. Sequentially, revenues experienced a 1% downturn. The figures for the second quarter were notably influenced by the finalization of the sale of the Latin America business and its 20-state ILEC business to Apollo.
Post-closing revenue impact for Q3 2023, stemming from the actual amount received under post-closing agreements with the buyers of the divested businesses, amounted to $23 million. Lumen Technologies reported net cash from operations of $881 million for Q3, in contrast to the $1,123 million generated in the corresponding period last year. Free cash flow (excluding cash special items) for the year reached $43 million, marking a significant drop from the $620 million reported in the year-ago quarter.
As of September 30, 2023, the company held $311 million in cash and cash equivalents, in conjunction with $19,740 million of long-term debt. These figures are compared to $411 million and $19,899 million, respectively, as of June 30, 2023. Looking ahead to 2023, Lumen anticipates adjusted EBITDA to fall within the range of $4.6-$4.8 billion, with free cash flow projected to be between breakeven and $200 million. Capital expenditures are estimated to range between $2.9 billion and $3.1 billion, and the effective income tax rate for the full year is projected to be nearly 26%.
Investors and analysts are closely monitoring Lumen Technologies’ performance amidst these financial results, with a keen eye on the company’s strategic initiatives and market trends as it navigates through the remainder of 2023.
