Global Crossing Ltd.’s (NASDAQ:GLBC) second quarter loss narrowed, beating estimates. Global Crossing, Ltd. and its subsidiaries is a global communications service provider, which offers a range of data, voice and collaboration services and delivers services to approximately 40 percent of the companies in the Fortune 500.
Global Crossing Earnings Cheat Sheet for the Second Quarter
Results: Loss narrowed to $34 million (loss of 57 cents per diluted share) from $47 million (loss of 79 cents per share) in the same quarter a year earlier.
Revenue: Rose 9.8% to $692 million from the year earlier quarter.
Actual vs. Wall St. Expectations: GLBC beat the mean analyst estimate of a loss of 59 cents per share. It beat the average revenue estimate of $673.1 million.
Quoting Management: “Strong demand and continued enterprise-wide focus on customer experience drove solid progress toward the achievement of our annual guidance,” said John Legere, chief executive officer of Global Crossing. “We are building strong operating momentum as we prepare for our strategic combination with Level3.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 15 cents in the first quarter, by 19 cents in the fourth quarter of the last fiscal year, and by 54 cents in the third quarter of the last fiscal year.
Revenue has risen the past four quarters. Revenue increased 2% to $661 million in the first quarter. The figure rose 4.9% in the fourth quarter of the last fiscal year from the year earlier and climbed 0.8% in the third quarter of the last fiscal year from the year-ago quarter.
Gross margins grew 0.8 percentage point to 32.4%. The growth seemed to be driven by increased revenue, as the figure rose 9.8% from the year earlier quarter while costs rose 8.6%.
Competitors to Watch: Level three Communications, Inc. (NASDAQ:LVLT), Telefonica S.A. (NYSE:TEF), BT Group plc (NYSE:BT), CenturyLink, Inc. (NYSE:CTL), AT&T Inc. (NYSE:T), Verizon Communications Inc. (NYSE:VZ), France Telecom SA (NYSE:FTE), Sprint (NYSE:S).
(Source: Xignite Financials)