Cincinnati Bell says that it could pass a total of 80,000 new addresses with its Fioptics FTTH network this year as it aggressively expands the service throughout its territory.
Over the past year, the service provider has spent $20 million to pass an additional 25,000 new addresses, giving it 60 percent coverage in greater Cincinnati. On a year to date basis, Cincinnati Bell has passed 47,000 new addresses with Fioptics
Speaking to investors during its second quarter earnings call, Ted Torbeck, CEO of Cincinnati Bell said it surpassed its initial buildout plans for 2016.
“We are well ahead of our build plans for the year,” Torbeck said. “Based on our current trajectory it is likely our build could exceed 80,000 addresses with total capital expenditures nearing the high end of our guidance range.”
During the first quarter, Cincinnati Bell added 11,000 new Fioptics internet customers to end the quarter with a total of 175,000 subscribers.
The telco’s Entertainment and Communications revenue for the quarter was $193 million, up $10 million year-over-year.
Once again, Fioptics was a key contributor revenue with $62 million in revenue, up 37 percent from the prior year.
Over in the IT Services and Hardware Segment, Cincinnati Bell reported revenue of $110 million, up 3 percent over the prior year. Strategic revenue was $49 million in the quarter, up 10 percent compared to the prior year.
However, Telecom and IT hardware revenue was $54 million for the quarter, compared to$56 million in the second quarter of 2015.
From an overall financial perspective, Cincinnati Bell reported that consolidated revenue for the second quarter of 2016 was $299 million, up 5 percent from the prior year.
Shares of Cincinnati Bell were listed at $4.83, up 8 cents, or 1.68 percent, in Thursday morning trading on the New York Stock Exchange.
- see the earnings release
- listen to the earnings call (reg. req.)
Special report: Tracking wireline telecom earnings in Q2 2016