Shentel announced second quarter 2020 financial and operating results on Thursday.
Second Quarter 2020 Highlights
- Record quarter for broadband data net additions of 6,000
- Wireless prepaid gross and net additions grew 15.8% and 469.2%, respectively, over prior year period
- Sprint travel dispute favorably resolved with fee reset to $18.0 million per year for 2019 to 2021
- Operating cash flow was $67.8 million consistent with prior year period
- Normalized free cash flow grew 38.5% to $46.1 million compared to the second quarter 2019, driven primarily the company’s wireless segment
“We continue to manage through the changes created by COVID-19 and the Sprint/T-Mobile merger. Our broadband business had strong operating results driven by demand from stay-at-home and work-from-home initiatives, new offerings and complementary temporary increases in bandwidth speeds and data allowances,” said President and CEO, Christopher E. French.
“We have the most robust broadband network in our service areas, and it has continued to perform very well. Our wireless business began to rebound in the second quarter with strong prepaid growth and all of our COVID-19 related temporary retail store closures were able to re-open by the end of the quarter. We expect to return to pre-COVID postpaid sales levels when the economies in our markets fully re-open. Our wireless segment continues to generate strong and steady cash flow.”
Shentel’s second-quarter earnings conference call is available on Shentel’s Investor Relations website at investor.shentel.com.
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