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Jun 30, 2024
Lumen Q2 2024 Earnings Report
Lumen's Q2 2024 performance reflected a net loss, decreased revenue, and strategic advancements in key areas.
Key Takeaways
Lumen Technologies reported a net loss of $(49) million for Q2 2024, a significant improvement compared to the $(8.736) billion net loss in Q2 2023, which included a non-cash goodwill impairment charge. Total revenue decreased to $3.268 billion from $3.661 billion year-over-year. The company is focusing on driving commercial excellence, stabilizing the base, and innovating for growth, with a recent Microsoft partnership highlighting Lumen's position to capitalize on the demand for secure networks.
Reported a net loss of $(49) million, an improvement from the prior year's $(8.736) billion net loss.
Diluted loss per share was $(0.05), compared to $(8.88) in Q2 2023.
Generated Adjusted EBITDA of $1.011 billion, down from $1.229 billion in Q2 2023.
Free Cash Flow was negative $(156) million, compared to negative $(896) million in Q2 2023, excluding special items.
Revenue by Segment
Forward Guidance
The Company updated its full-year 2024 financial outlook.
Positive Outlook
- Adjusted EBITDA is expected to be $3.9 to $4.0 billion.
- Free Cash Flow is projected to be $1.0 to $1.2 billion.
- Net Cash Interest is anticipated to be $1.15 to $1.25 billion.
- Capital Expenditures are estimated to be $3.1 to $3.3 billion.
- Cash Income Taxes/(Refund) are expected to be ($200) to ($300) million.
Challenges Ahead
- Outlook excludes the effects of Special Items.
- Outlook excludes goodwill impairments.
- Outlook excludes future changes in operating or capital allocation plans.
- Outlook excludes unforeseen changes in regulation, laws or litigation.
- Outlook excludes other unforeseen events or circumstances impacting financial performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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