Shenandoah Telecommunications Inc. (NASDAQ: SHEN) stock declined by 4.19% at last close as well as the SHEN stock price fell by 34.76% during pre-market. Shenandoah Telecommunications Company serves clients in the Mid-Atlantic United States with high-speed, state-of-the-art cable, fiber optic, and stable wireless networks.
SHEN stock, Financial Results
Shenandoah Telecommunications announced their second-quarter 2021 financial highlights which are stated below.
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- Revenue increased 11.7 percent to $60.7 million in the second quarter of 2021, relative to the second quarter of 2020, attributable to rise of 12.2 percent in Broadband and 8.3 percent in Tower sectors.
- In Q2 2021, adjusted OIBDA increased by 29.6 percent to $16.3 million, compared to the second quarter of 2020, due to 2.5 percent and 9.3 percent growth in Broadband and Tower, respectively. Due to decreased salary, legal, and professional costs, corporate expenses fell 30.0 percent from the same quarter a year ago.
- Operating income was $2.7 million in the second quarter of 2021, relative to a $1.9 million loss in the second quarter of 2020.
- In the second quarter of 2021, earnings from operating activities per diluted share were $0.04, but earnings from discontinued operations increased by 74.6 percent to $1.03 per diluted share, compared to the second quarter of 2020.
- The total number of Broadband households and companies crossed increased by 19,000, or 7.3 percent, to over 279,000.
President and CEO, Christopher E. French stated,
With the transfer of their Wireless assets and operations to T-Mobile on July 1, 2021, they have completed their transition into a broadband-centric firm. They are happy to deliver approximately $936 million in value to their shareholders via a special dividend as a consequence of the successful transaction. In the second quarter, they made significant progress in expanding their broadband networks and data users while also lowering their operational expenditures to better match the broadband and tower businesses. The combination of these initiatives resulted in excellent revenue and Adjusted OIBDA growth rates in the second quarter, putting them in a strong position for long-term growth.