Cogent Communication (CCOI) Misses Q3 EPS by 33c

Cogent Communication (NASDAQ: CCOI) reported Q3 EPS of ($0.11), $0.33 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $142.3 million versus the consensus estimate of $142.7 million.

Financial and Business Highlights

• Cogent approved an increase of $0.025 per share to its regular quarterly dividend for a total of $0.730 per share for Q4 2020 as compared to $0.705 per share for Q3 2020 – Cogent's thirty-third consecutive quarterly dividend increase
  • The Q4 2020 $0.730 dividend per share represents an annual increase of 14.1% from the dividend per share of $0.640 for Q4 2019.
• Service revenue increased by 0.9% from Q2 2020 to Q3 2020 and increased from Q3 2019 to Q3 2020 by 3.9%.
• GAAP gross profit increased by 7.3% from Q3 2019 to $66.2 million for Q3 2020. Non-GAAP gross profit increased by 7.5% from Q3 2019 to $88.1 million for Q3 2020.
  • GAAP gross margin increased by 150 basis points from Q3 2019 to Q3 2020 to 46.5%. Non-GAAP gross margin increased by 200 basis points from Q3 2019 to Q3 2020 to 61.9%.
• Net cash provided by operating activities was $33.0 million for Q3 2020, $41.3 million for Q2 2020 and $33.4 million for Q3 2019.
• EBITDA margin increased by 60 basis points from Q2 2020 to 38.4% for Q3 2020 and increased by 150 basis points from Q3 2019.
• EBITDA increased by 2.3% from Q2 2020 to $54.6 million for Q3 2020 and increased by 8.1% from Q3 2019.

For earnings history and earnings-related data on Cogent Communication (CCOI) click here.

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