Knology Shares Jump 10% On Earnings Beat (KNOL)
Shares of communications services provider Knology, Inc. (Nasdaq: KNOL) are trading up 9.86% at $12.59 per share during the Wednesday afternoon trading session. The day's trading range for shares of Knology, Inc. has been between $11.49 and $12.76 per share. Analysts covering the company's stock give it a consensus price target of $14.50 per share.
Volume of 129,000 shares is already above the daily average volume of 118,000 shares.
Knology, Inc. (KNOL) announced on Wednesday morning that it easily beat consensus Wall Street earnings estimates when the company announced 2nd quarter earnings per share of 20 cents, on revenue of $113 million.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 13 cents per share, on revenue of $111.86 million.
Chairman and chief executive officer Rodger L. Johnson said, “We are pleased with both the financial and operating results achieved during the second quarter, and we are very excited about the Sunflower transaction and what that transaction will mean to our business on a long term basis. The core business is continuing to perform well in this challenging economic environment, and we continue to experience success with our fill-in investments and wireless backhaul opportunities. We will stay focused on taking care of the customer and working hard to deliver increased shareholder value.”
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