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Sweden’s Tele2 maintains 2020 guidance, Q3 profit in line

Swedish telecoms operator Tele2 TEL2b.ST reported quarterly core earnings in line with market forecasts on Tuesday and stuck to its outlook for roughly unchanged operating profit this year.

The firm said it was expecting a negative impact on earnings from the novel coronavirus pandemic of 70-90 million crowns in the fourth quarter, down from a previous forecast of 100-120 million per quarter throughout this year.

Third-quarter adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were 2.82 billion crowns ($319.6 million) versus 2.78 billion in the year-earlier quarter and a 2.76 billion mean forecast in a poll of analysts.

Tele2 maintained its forecast for adjusted operating earnings (EBITDAaL) to come in roughly flat this year compared to 2019 with capital expenditure, excluding spectrum and leases, of 2.5 billion to 3.0 billion crowns.

It also reiterated its mid-term guidance of low single-digit growth of end-user service revenue, mid-single-digit growth of adjusted operating profit, and capex of 2.8 billion to 3.3 billion crowns.

Tele2 in July reinstated its proposal of an extraordinary dividend of 3.50 crowns per share, which was withdrawn in April due to the COVID-19 pandemic. Reuters

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