GTT -45% on worst day in seven years [Seeking Alpha]
GTT Communications, Inc (GTT)
NASDAQ:AMEX Investor Relations:
gtt.net/investor-relations
Company Research
Source: Seeking Alpha
GTT Communications (NYSE: GTT ) has nosedived, , in its worst day since 2012 after missing badly with Q2 earnings and hiring an adviser to explore selling nonstrategic assets. The company's looking at sales to attack a $3.2B debt pile. The move is sending company bonds lower as well, and Oppenheimer's Tim Horan says the debt is "highly concerning." Revenues missed despite growing by nearly a third, and net loss widened from last quarter's (to $33.3M), mainly driven by nonrecurring costs that include exit, transaction and integration costs along with change in favir value of hedges. EBITDA was up 49.5% Y/Y, to $112M, but fell 8.3% from the first quarter. It also adopted a rights agreement to protect net operating loss carryforwards -- of which it had $217M available as of June 30. Earnings call transcript Press release See all stocks on the move » Now read: CommScope +5.5% as adjusted profits outperform » Subscribe for full text news i
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