Wed, Aug 14, 7:41 PM (153 days ago)
Cincinnati Bell Inc. reported a slight decline in revenue for Q2 2024, totaling $272.8 million, down from $275.3 million in Q2 2023. The decrease was driven by reduced Legacy and Other revenues, despite a $15 million increase in Strategic revenue. The company recorded an operating loss of $2.2 million for the quarter, an improvement from an $8 million loss in the prior year, primarily due to lower depreciation and amortization expenses. Interest expense rose due to higher rates on variable borrowings, impacting net loss which totaled $34.3 million. The company generated $128.7 million in cash flow from operations, significantly up from $16.6 million in the same period last year. Capital expenditures were $131.9 million, reflecting ongoing investments in fiber network expansion. The company is navigating uncertainties related to a pending $670 million sale of its IT Services business, which is expected to close in H2 2024. Overall, Cincinnati Bell's financial health shows improvement in operational efficiency, though challenges remain in revenue generation amidst a competitive landscape.