Zayo Group (ZAYO) reported a fiscal Q4 profit compared to a loss the year earlier while its revenue rose to exceed estimates.
The provider of bandwidth infrastructure said it had a profit of $5.1 million in the quarter ended June 30 compared to a loss of $53.7 million a year ago, missing the average $9.8 million profit that had been expected by analysts polled by Capital IQ. The company didn’t provide a per share figure for the quarter.
The primary drivers of the increase in net income were quarter-over-quarter reduction to loss on debt extinguishments of $46.4 million, a decrease to the company’s foreign currency loss on intercompany loans of $30.0 million and positive net installations.
Revenue rose to $361.9 million from $340.7 million, just ahead of the $361.1 million average estimate.
ZAYO closed higher nearly 2% on Thursday, in the upper half of the 52-week range between $21.21 and $32.18. It was inactive in recent pre-market trade.
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