IHS Slips 9% As Earnings Miss, Outlook Cut
Shares of IHS Holding Limited (IHS), a shared telecommunications infrastructure provider in Africa, are falling more than 9% Tuesday morning after reporting second-quarter earnings below analysts expectations. The company also cut its full-year revenue outlook.
IHS reported a net loss of $1.245 billion or $3.73 per share in the second quarter, wider than $178.57 million or $0.53 per share in the same quarter a year ago, impacted primarily by increase in net finance costs. Analysts on average polled by Thomson-Reuters were expecting earnings of $0.13 per share for the quarter.
Revenue for the quarter was $546.2 million, up from $467.68 million last year. The consensus estimate was for $526.74 million.
For the full year, IHS now expects revenue in the range of $2.08 billion – $2.11 billion, down from the previous outlook of $2.19 billion- $2.22 billion. Analysts expect the company to report revenue of $2.09 billion for the year.
IHS is at $7.15 currently. It has traded in the range of $4.91 – $10.13 in the last 52 weeks.
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