GTT Reports First Quarter 2019 Financial Results
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GTT Communications, Inc, the leading global cloud networking provider to multinational clients, have this week announced its financial results for the quarter ended March 31, 2019.
First quarter highlights:
- Revenue of $450.2 million grew 72.7% compared to 1Q18 and declined 1.0% compared to 4Q18.
- Net loss was $27.3 million compared to net loss of $30.7 million in 1Q18 and net loss of $53.0 million in 4Q18. The net losses in all periods are primarily the result of non-recurring costs, including exit, transaction and integration costs of $12.0 million, $7.8 million and $29.9 million in 1Q19, 1Q18 and 4Q18, respectively, and change in fair value of exchange rate and interest rate hedges of $15.3 million, $17.2 million and $21.7 million in 1Q19, 1Q18 and 4Q18, respectively.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) of $122.2 million grew 95.0% compared to 1Q18 and grew 4.3% compared to 4Q18. Adjusted EBITDA margin was 27.2% compared to 24.1% in 1Q18 and 25.8% in 4Q18.
- Capital expenditures were $32.1 million (7.1% of revenue) compared to $13.2 million in 1Q18 (5.1% of revenue) and $16.3 million in 4Q18 (3.6% of revenue).
- Using constant currency (i) 1Q19 revenue and Adjusted EBITDA would have been higher than reported by $18.1 million and $7.0 million, respectively, compared to 1Q18, and (ii) 1Q19 revenue and Adjusted EBITDA would have been higher than reported by $0.1 million and $0.3 million compared to 4Q18.
source gtt
Industry: Telecommunications News
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