BT Group Beats 3Q Expectations Despite Adjusted Earnings Fall

   By Adria Calatayud 
 

BT Group PLC (BT.A.LN) said Thursday that adjusted earnings and revenue both declined in the third quarter of fiscal 2019, but both exceeded expectations, as the company backed its guidance for the full year.

Adjusted earnings before interest, taxes, depreciation and amortization--BT's preferred profit measure, which strips out exceptional items--fell 3% in the quarter to Dec. 31 to 1.88 billion pounds ($2.46 billion), the British telecommunications company said. This was ahead of analyst forecasts of GBP1.82 billion, according to a consensus estimate compiled by BT.

Third-quarter revenue was down 1.4% at GBP5.98 billion compared with GBP6.07 billion in the same quarter a year before, BT said. Analysts had forecast quarterly revenue of GBP5.93 billion, according to a company-provided consensus.

For the first nine months of fiscal 2019, pretax profit rose 20% to GBP2.09 billion from GBP1.74 billion a year earlier, BT said.

BT confirmed it continues to expect adjusted Ebitda for the year ending March 31 to come in at the upper half of the GBP7.3 billion to GBP7.4 billion range, despite uncertainty around Brexit. A disorderly departure from the EU could hit consumer and business confidence, but BT said it has contingency plans in place in case of a no-deal Brexit.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

January 31, 2019 02:42 ET (07:42 GMT)

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