BT Group 2Q Fiscal Year 2021 Adjusted Earnings Fell; Raises Lower End of Guidance

   By Adria Calatayud 
 

BT Group PLC said Thursday that adjusted earnings for the second quarter of fiscal 2021 fell less than analysts expected even though its revenue was weaker than anticipated, and raised the lower end of its full-year profit guidance.

The U.K. telecommunications company said adjusted earnings before interest, taxes, depreciation and amortization--the company's preferred profit metric, which strips out exceptional and other one-off items--were 1.91 billion pounds ($2.48 billion) for the quarter to Sept. 30, down from GBP1.97 billion for the same period a year earlier.

BT's adjusted revenue for the quarter fell 7.3% to GBP5.36 billion.

Analysts expected BT to report quarterly adjusted Ebitda of GBP1.81 billion on adjusted revenue of GBP5.39 billion, according to consensus numbers provided by the company.

For the first half of the year, BT made a pretax profit of GBP1.06 billion compared with GBP1.33 billion for the year-earlier period on revenue that fell 7.6% to GBP10.59 billion.

The company raised the lower end of its adjusted Ebitda outlook range for fiscal 2021 to GBP7.3 billion from GBP7.2 billion. As a result, the company now expects adjusted Ebitda for the full year to be between GBP7.3 billion and GBP7.5 billion.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

October 29, 2020 03:43 ET (07:43 GMT)

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