Tele2 fourth-quarter tops forecast, launches new restructuring program

This post was originally published on this site

STOCKHOLM (Reuters) – Swedish telecoms operator Tele2 (ST:) reported quarterly core earnings above market forecasts on Monday and proposed a higher ordinary dividend and a special dividend to be paid out for 2019.

The company also said it was launching a new transformation program aimed at boosting growth and cutting costs by at least 1 billion crowns ($105 million) over the coming three years.

“From 2020 onward we are aiming for growth and we believe that the foundation we laid in 2019 and initiatives launched in

2020 will take us there,” Tele2 CEO Anders Nilsson said in a statement.

Fourth-quarter adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were 2.70 billion Swedish crowns, up from 1.88 billion crowns in the year-earlier quarter, and above the 2.63 billion mean analyst forecast according to Refinitiv data.

Tele2 proposed an ordinary dividend of 5.50 crowns per share for 2019, up 25% from the previous year, and an extraordinary dividend of 3.50 crowns per share.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.