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Markets News

Altice Europe third-quarter beats forecasts

Nov 19 (Reuters) - Telecoms and cable group Altice Europe beat quarterly core profit forecasts on Thursday, helped by growth in its French core telecoms business and residential services.

The group’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the third quarter rose 5.1% from a year earlier to 1.48 billion euros ($1.75 billion), beating analyst estimates for 1.43 billion euros.

The firm’s revenues rose 3.2% to 3.77 billion euros, also beating forecasts.

The debt-ridden company said it had repaid 1.4 billion euros since April 2020, bringing its net debt to 28.9 billion euros at the end of the quarter.

Altice Europe, which provides fibre networks and mobile broadband to homes and businesses, confirmed its full-year targets, which include revenue and EBITDA growth.

$1 = 0.8445 euros Reporting by Sarah Morland and Aida Pelaez-Fernandez in Gdansk; Editing by Edmund Blair

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