Investors Happy With U.S. Cellular 2Q Beat

United States Cellular Corporation

announced better than expected results for the second quarter. The company also reaffirmed its outlook for the current year. The company said that its net income advanced from $19 million to $27 million and EPS from $0.23 to $0.32. This was $0.09 higher than the Street estimate of $0.23. U.S. Cellular's revenue also grew modestly from $976 million to $980 million thus beating the analysts' predictions of $973.14 million. The telecom firm's president and CEO, Kenneth Meyers, commented, "We had another encouraging quarter of continued progress toward achieving our strategic objectives in 2016. We continued to grow our customer base by providing products and services priced to offer the best value in the industry." Moving ahead, the company reaffirmed its total operating revenue outlook of $3.9 - $4.1 billion for the full year. It also confirmed its adjusted EBITDA guidance of $725 - $850 million. Analysts are looking for $3.91 billion revenue. Shares of USM ended Thursday's trading at $39.29, down $0.15, or 0.38 percent.