Investors interested in the broader technology space may also consider stocks like Arista Networks ( ANET Quick Quote ANET - Free Report), Jabil ( JBL Quick Quote JBL - Free Report) and Super Micro Computer ( SMCI Quick Quote SMCI - Free Report). Lumen currently carries a Zacks Rank #3 (Hold).
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The effective income tax rate for the full year is estimated to be nearly 26%. Free cash flow is projected to be between breakeven and $200 million.Ĭapital expenditures are estimated between $2.9 billion and $3.1 billion. 2023 Viewįor 2023, Lumen expects adjusted EBITDA in the range of $4.6-$4.8 billion.
In the third quarter of 2022, the company had announced the cancellation of dividend payments and a $1.5 billion share repurchase plan to be executed over a two-year period. In the fourth quarter, Lumen repurchased 33 million shares worth $200 million. In the fourth quarter, Lumen generated $841 million of net cash from operations compared with $1.607 billion a year ago.įree cash flow (excluding cash special items) for the year was $126 million compared with $776 million in the year-ago quarter.Īs of Dec 31, 2022, the company had $1,251 million in cash and cash equivalents with $20,418 million of long-term debt compared with the respective figures of $252 million and $21,764 million as of Sep 30, 2022. Adjusted EBITDA (excluding special items) slipped to $1.393 billion from $2.088 billion for respective margins of 36.7% and 43.1%, owing to the closure of cost pressures. Operating loss was $3,284 million, compared with operating income of $1,161 million reported in prior-year quarter. Total operating expenses increased 92% year over year to $7,084 billion. As of Dec 31, 2022, the total enabled locations in the retained states stood at 3.1 million. In the fourth quarter, total enablements were approximately 97,000. The company expects overall Quantum enablement opportunity to be around 8 million to 10 million locations. The company added 19,000 Quantum fiber subscribers, taking the count to 832,000 Quantum fiber subscribers in the reported quarter. Lumen anticipates witnessing healthy momentum in Quantum business in the upcoming quarters. Revenues from Mass Markets, on modified basis, declined 8% year over year to $795 million. Revenues in Wholesale, on a modified basis, were almost flat at $835 million. Total Enterprise Channels’ revenues were down 7% to $2,170 million.
Public Sector’s revenues were down 14% to $431 million. Mid-Market Enterprise’s revenues, on a modified basis, fell 7% to $522 million. Revenues from Large Enterprise fell 4% to $1,217 million. The company has adopted a new reporting structure under which it has collapsed International and Global Accounts or IGAM and large enterprise into the large enterprise channel and have moved public sector to its own separate channel.īy segment, on a modified basis, Business’ revenues fell 5% to $3.005 million affected by the sale of the correctional facilities business. price-consensus-eps-surprise-chart | Lumen Technologies, Inc.
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