Lumen reports Q1 EPS (4c) ex-items, consensus 0c

Reports Q1 revenue $3.290B, consensus $3.37B. Q1 EPS excludes special Items which negatively impacted this metric by (98M). Kate Johnson, president and CEO of Lumen, commented “Lumen continued to make material progress in our turnaround with our strategy intently focused on empowering digital enterprises with next generation connectivity solutions powered by our best-in-class nationwide fiber network. While we experienced some expected headwinds in the Q1, we accelerated North America Enterprise sales to fuel future revenue streams, drove material improvement in customer satisfaction scores across customer channels, and delivered our best-ever reported Quantum Fiber broadband net additions. This progress, coupled with executing our debt restructuring and strategically shape shifting to drive cost efficiency, gives us line of sight around our expectations for improving financial results in 2024 and beyond.”