August 6, 2021 10:00:00 pm

Lumen Technologies earnings up 34% for Q2

By Tommy Wood

BROOMFIELD — Lumen Technologies reported Thursday $506 million in earnings, or 46 cents per share, for the second quarter of 2021. That’s a 34% increase from the $377 million, or 35 cents per share, it earned in the second quarter of 2020.

Total revenue was $4.92 billion, down 5.1% from the $5.19 billion Lumen earned in the second quarter of last year.

During the quarter, Lumen sold its incumbent local exchange carrier assets, including consumer, small business and wholesale customers and assets, to Apollo Global Management Inc. for $7.5 billion. It also sold its Latin American operations to Stonepeak for $2.7 billion.

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Lumen’s board of directors also authorized a $1 billion stock buyback program to take place over the next two years.

“Lumen delivered solid adjusted EBITDA and free cash flow in the second quarter, and we are executing on our strategy to optimize the Lumen asset portfolio, positioning the company for future growth,” said Jeff Storey, president and CEO of Lumen, in a prepared statement. “We are well positioned strategically with our significant and accelerating fiber investments across both business and mass markets.”