OSLO (Reuters) - Norwegian telecoms firm Telenor (TEL.OL) raised its 2018 outlook for earnings growth this year as it reported third-quarter profits that beat forecasts on Wednesday.
The firm’s quarterly result before interest, tax, depreciation, amortization and other items, or adjusted EBITDA, rose to 12.4 billion Norwegian crowns ($1.50 billion) from 11.8 billion a year ago. Analysts had expected a profit of 11.5 billion.
“The steps we have taken over the past two years have laid the foundation for continued value creation,” Chief Executive Officer Sigve Brekke said in a statement.
Telenor raised its organic EBITDA growth outlook for 2018 to 3-4 percent from 2-3 percent previously and cut its 2018 organic revenue growth outlook to 0-1 percent from 1-2 percent previously.
It also cut its 2018 capital expenditure, excluding licenses and spectrum, to 16-17 billion crowns from 17-18 billion crowns previously.
Telenor has seen its share price fall 6 percent over the past year, outperforming the European telecoms index .SXKP, which fell about 16 percent in the same period.
($1 = 8.2744 Norwegian crowns)
Reporting by Gwladys Fouche, editing by Terje Solsvik