October 24, 2018 / 5:36 AM / 2 months ago

Norway's Telenor Q3 beat forecast, raises 2018 guidance on earnings

OSLO, Oct 24 (Reuters) - Norwegian telecoms firm Telenor raised its 2018 outlook for earnings growth this year as it reported third-quarter profits that beat forecasts on Wednesday.

The firm’s quarterly result before interest, tax, depreciation, amortisation and other items, or adjusted EBITDA, rose to 12.4 billion Norwegian crowns ($1.50 billion) from 11.8 billion a year ago. Analysts had expected a profit of 11.5 billion.

“The steps we have taken over the past two years have laid the foundation for continued value creation,” Chief Executive Officer Sigve Brekke said in a statement.

Telenor raised its organic EBITDA growth outlook for 2018 to 3-4 percent from 2-3 percent previously and cut its 2018 organic revenue growth outlook to 0-1 percent from 1-2 percent previously.

It also cut its 2018 capital expenditure, excluding licenses and spectrum, to 16-17 billion crowns from 17-18 billion crowns previously.

Telenor has seen its share price fall 6 percent over the past year, outperforming the European telecoms index, which fell about 16 percent in the same period. ($1 = 8.2744 Norwegian crowns) (Reporting by Gwladys Fouche, editing by Terje Solsvik)

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