Consolidated Communications ( (CNSL) ) has released its Q3 earnings. Here is a breakdown of the information Consolidated Communications presented to its investors.
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Consolidated Communications Holdings, Inc., a leading U.S. fiber provider, offers high-speed internet, data, phone, and security solutions across a vast network of 66,000 fiber route miles.
In the third quarter of 2024, Consolidated Communications announced a total revenue of $271.1 million, with a net loss of $61.4 million, while continuing its strategic fiber infrastructure buildout.
The company reported a notable increase in consumer broadband net additions, totaling 5,134, and consumer fiber broadband revenue reaching $49.0 million. Cost control measures led to a $16.3 million reduction in service, product, and administrative expenses compared to the previous year. However, the net interest expense rose by $5.3 million due to borrowings.
Consolidated Communications is also in the process of transitioning to a private company, pending acquisition by Searchlight Capital Partners and British Columbia Investment Management Corporation. This transaction, valued at approximately $3.1 billion, is expected to close in late 2024 or early 2025.
Looking forward, Consolidated Communications continues to focus on expanding its fiber capabilities, while navigating the transition to private ownership, positioning itself strategically for future growth in the telecommunications sector.
