U.S. Cellular reports Q3 adjusted EPS 26c, consensus 18c

Reports Q3 revenue $922M, consensus $940.51M. “Postpaid handset results improved year-over-year due to our promotional and retention actions,” said CEO Laurent Therivel. “While overall postpaid handset net adds remained negative, I am pleased with our improving subscriber trajectory. Solid postpaid ARPU growth coupled with strong expense discipline gives us confidence to raise our 2024 Adjusted EBITDA guidance. Given that our network investments over the past few years have resulted in strong 5G coverage in our footprint, future network investments are expected to predominately focus on the deployment of our mid-band spectrum to enhance speed and capacity. Additionally, I am very pleased that we recently announced agreements with multiple mobile network operators for the sale of portions of our retained spectrum licenses in exchange for proceeds of $1B. These transactions are part of our objective to opportunistically monetize the spectrum not included in the proposed T-Mobile transaction.”