Liberty Global's Profit Surges Driven by $12 Billion Gain From Deal With Vodafone

   By Maria Armental 
 

Liberty Global PLC reported third-quarter results on Wednesday. Here's what you need to know:

PROFIT: Net income surged to $12.85 billion from $974.1 million a year earlier, largely tied to a $12.2 billion gain on the sale of operations in Germany, Hungary, Romania and the Czech Republic to Vodafone Group PLC.

REVENUE: Revenue from continuing operations declined 0.6% to $2.84 billion.

OUTLOOK: It affirmed operating cash flow and free cash flow guidance for the year.

"We are entering a new phase of operating and free cash flow expansion with capital intensity down 29% through nine months and operating free cash flow up 80%," Mike Fries said in a statement, citing figures that exclude operations in Switzerland.

SWISS OPERATIONS: "While we are disappointed that Sunrise was unable to obtain approval for the financing of their acquisition of our Swiss operation, we are excited with the progress we continue to make in that market, Mr. Fries said.

The share-purchase agreement with Sunrise Communications Group AG was amended on Oct. 22.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

November 06, 2019 18:02 ET (23:02 GMT)

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