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Shenandoah Telecommunications Company (Shentel) reports developments in broadband communications, including Glo Fiber expansion markets, residential and commercial customer services, and network construction in smaller markets and rural communities.
The company provides broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services through fiber optic and cable networks in the eastern United States. Recurring updates cover quarterly results, Glo Fiber additions, government-supported broadband projects under Virginia Telecommunications Initiative programs, capital investment in fiber infrastructure, investor presentations, and community service activity across Shentel and Glo Fiber service areas.
Shenandoah Telecommunications Company (NASDAQ: SHEN) has launched its 5 Gig fiber internet service under the Glo Fiber brand, expanding access to over 147,000 homes across Virginia, West Virginia, Maryland, and Pennsylvania. This premium service supports multiple connected devices seamlessly on a 100% fiber optic network. Glo Fiber’s offerings emphasize symmetrical upload and download speeds, reliability, straightforward pricing, and local customer service. This launch aims to satisfy increasing consumer demand for high-speed internet, driven by the rise in remote work and connected devices.
Glo Fiber, powered by Shenandoah Telecommunications Company (SHEN), is set to expand fiber-to-the-home broadband services in State College Borough and Ferguson Township, Pennsylvania. Construction will start in 2024, aiming to connect over 13,000 homes and businesses. This deployment offers internet speeds up to 5 Gbps with reliable and symmetrical upload/download speeds. The expansion utilizes Shentel's extensive network to enhance service and support local growth. Glo Fiber prides itself on customer service and competitive pricing, aiming to transform the connectivity landscape in these vibrant communities.
Glo Fiber Business, a division of Shenandoah Telecommunications Company (SHEN), has formed a strategic partnership with Globalinx, a Tier-III data center in Virginia Beach. This collaboration aims to enhance connectivity for Glo Fiber Business customers, providing direct access to the Virginia Beach Cable Landing Station, which links domestic fiber networks to international subsea cables. The agreement facilitates low-latency communication, benefiting various sectors including businesses, municipalities, and educational institutions across Virginia and West Virginia. Both companies emphasize that this partnership will bolster their service offerings while ensuring reliable and efficient connectivity.
Shenandoah Telecommunications Company (SHEN) reported its Q4 and full-year 2022 results, marking a 9.0% revenue growth to $267.4 million. Glo Fiber data customers surged 113.5% year-over-year, totaling approximately 24,000. However, the company faced a net loss of $8.4 million in 2022, contrasting with a net income of $7.9 million in 2021, partially due to the discontinuation of Beam operations, leading to $12.2 million in restructuring charges. Despite these challenges, adjusted EBITDA increased 15.6% to $76.0 million, driven by operational successes in the Glo Fiber business plan.
Shenandoah Telecommunications Company (SHEN) is set to release its Q4 and full-year 2022 financial results before market open on February 22, 2023. A conference call and webcast will follow at 8:30 a.m. ET to discuss financial outcomes and business highlights. The company provides broadband services through advanced fiber-optic and cable networks across the Mid-Atlantic United States, offering internet, video, voice services, and colocation leasing. Shentel boasts over 8,000 route miles of fiber and 220 macro cellular towers, positioning it as a significant player in the telecommunications sector.
Glo Fiber, a division of Shenandoah Telecommunications Company (Nasdaq: SHEN), has partnered with the Homeowner's Association of Ford's Colony in Williamsburg, Virginia, to offer high-speed fiber-to-the-home (FTTH) broadband services. Construction is set to begin in Q2 2023, with completion expected by early 2024, aiming for internet speeds up to 5 Gbps. Glo Fiber will utilize Shentel's extensive 8,000-mile fiber network, providing residents with reliable, high-bandwidth connections and competitive pricing without contracts. This initiative strengthens local service options and addresses the growing demand for efficient internet solutions.
Shenandoah Telecommunications Company (Nasdaq: SHEN) plans to enhance internet service in Radford, Virginia by upgrading its network with fiber-to-the-home (FTTH) technology. The multimillion-dollar project aims to provide symmetrical multi-gig internet speeds to local residents and businesses. Construction is set to start in the second half of 2023, with completion expected by the end of 2024. This investment is anticipated to boost economic development in the area and improve overall service reliability and speed.
Shenandoah Telecommunications Company (SHEN) reported its Q3 2022 financial results, highlighting a 7.5% revenue growth to $66.9 million, driven by a 127.6% increase in Glo Fiber net adds, totaling approximately 4,000. Glo Fiber service achieved positive incremental Adjusted EBITDA for the first time. However, the company reported a loss from continuing operations per share of $0.05, compared to an income of $0.13 in Q3 2021. The firm plans to sell spectrum licenses for $21.1 million, ceasing Beam operations, which will impact future revenue streams.
Shenandoah Telecommunications Company (SHEN) announced a cash dividend of $0.08 per share, marking a 14.3% increase from December 2021. This dividend will be payable on December 1, 2022, to shareholders of record as of November 7, 2022. This year marks the company's sixty-third consecutive year of paying annual dividends, highlighting its commitment to returning value to shareholders. President and CEO Christopher E. French stated that the increase reflects confidence in the long-term growth prospects of their Glo Fiber expansion plans.
Shenandoah Telecommunications Company (SHEN) will announce its third quarter 2022 financial results on November 2, 2022, before market opening. A conference call will follow at 8:30 AM ET to discuss the financial outcomes and business highlights. The company provides broadband services via an extensive fiber-optic and cable network in the Mid-Atlantic region, encompassing broadband internet, video, voice, and tower colocation leasing. Shentel operates over 7,900 route miles of fiber and more than 220 macro cellular towers.