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Shenandoah Telecommunications Company Reports Third Quarter 2021 Results
EDINBURG, Va., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2021 financial and
About this update from Shenandoah Telecommunications Co
[{"type":"text","content":"EDINBURG, Va., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2021 financial and operating results. Highlights Revenue, Adjusted OIBDA, and Operating Income grew 12.8%, 31.7%, and 149.4%, respectively, over the same period a year ago.Earnings per diluted share for continuing operations grew to $0.13 compared to $0.03 per diluted share in the third quarter 2020.Broadband data net adds were approximately 4,100 including 2,100 for Glo Fiber and 350 for Beam, respectively.Broadband homes and businesses passed grew sequentially 17,000 to approximately 296,000.Executed 17 new Glo Fiber franchise agreements in 2021 adding 160,000 target passings for a total of over 304,000 franchise approved passings. “Our team executed well in the quarter, driving the third consecutive quarter of double digit revenue and Adjusted OIBDA growth rates.” said President and CEO, Christopher E. French. “With strong momentum in business development, construction and sales, we are upgrading our target for Glo Fiber from 300,000 to 450,000 serviceable addresses by 2026.” Shentel's third-quarter earnings conference call will be webcast at 8:00 a.m. ET on Friday, October 29, 2021. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. Consolidated Third Quarter 2021 Results Revenue in the third quarter of 2021 grew 12.8% to $62.2 million, compared with the third quarter of 2020, due to growth of 14.2% in the Broadband segment. Adjusted OIBDA in the third quarter of 2021 grew 31.7% to $19.3 million, compared with the third quarter of 2020, due to growth in Broadband of 15.4%. Corporate expenses declined approximately 24% from the same period a year ago due to lower compensation and bank fees. Operating income in the third quarter of 2021 was $1.2 million compared with $0.5 million in the third quarter of 2020. Earnings from continuing operations per diluted share was $0.13 in the third quarter of 2021 representing an increase of $0.10 per share or 333% from the third quarter of 2020. Broadband Total broadband data Revenue Generating Units (\"RGUs\") as of September 30, 2021, were 115,579, representing 17.0% year over year growth. Penetration for incumbent cable, Glo Fiber and Beam were 50%, 15% and 5%, respectively, co...