Telefonica Posts 4Q Net Profit of $153 Million
February 23 2017 - 2:50AM
Dow Jones News
By Jeannette Neumann
MADRID--Spanish telecommunications giant Telefonica SA (TEF)
swung to a profit in the fourth quarter after booking major
restructuring costs a year earlier.
The Madrid-based company Thursday said fourth-quarter net profit
was 145 million euros ($153 million) versus a EUR2.2 billion loss a
year earlier, when the company booked provisions to cover voluntary
buyouts for its employees in Spain.
Revenue in the fourth quarter was EUR13.7 billion, a 1% decrease
from the year earlier period. Analysts had estimated sales of
EUR13.6 billion in the quarter, according to data provider
FactSet.
Operating income excluding depreciation and amortization was
EUR3.2 billion in the quarter versus EUR721 million a year earlier.
Analysts had estimated OIBDA of EUR3.1 billion in the quarter,
according to FactSet.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
(END) Dow Jones Newswires
February 23, 2017 02:35 ET (07:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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