BOULDER — Zayo Group Inc. (NYSE: ZAYO) posted third-quarter earnings of 9 cents per share, missing analyst expectations by 1 cent.
As well as missing on earnings, the company’s president and chief operations officer is resigning.
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Andrew Crouch’s resignation will take place immediately but he has no immediate plans. Zayo said the resignation is not related to his or the company’s performance
The Boulder-based telecom company also missed on revenue by $5.4 million; however, it did increase revenue year-over-year by 18 percent to $649 million.
About $532 million of the company’s revenue stemmed from the communications infrastructure segment of Zayo’s business, while nearly $118 million came from its Allstream segment. At the end of 2015, Zayo acquired Canadian telecom company Allstream for $348 million.
Net income fell year-over-year, from $27 million in the third quarter of 2017 to $23.4 million in the third quarter of 2018.
During the quarter, Zayo announced its decision to sell Scott-Rice Telephone Co. for $42 million to New Ulm Telecom Inc. That transaction is expected to close by June 30.
Zayo is also considering converting to a real estate investment trust for tax purposes and may begin speaking to the IRS.