United States Cellular Q3 Profit Tops Estimates; Raises 2024 Adj. EBITDA Guidance

United States Cellular

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(RTTNews) - United States Cellular Corp. (USM) posted a net loss to shareholders of $79 million or $0.92 per share, for the third quarter of 2024 compared to net income of $23 million or $0.26 per share, a year ago. Net income attributable to UScellular shareholders excluding 2024 license impairment was $23 million or $0.26 per share, for both the third quarter of 2024 and 2023. The impairment loss was substantially all related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37 GHz and 39 GHz frequency bands. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.13, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $269 million, up 3%.

Total operating revenues were $922 million for the third quarter of 2024, compared to $963 million, prior year. Service revenues were $747 million, compared to $762 million. Analysts on average had estimated $939.81 million in revenue.

For 2024, the company now estimates adjusted EBITDA in a range of $970 million - $1.045 billion, revised from prior guidance range of $920 million-$1.02 billion.

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