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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) reported its Q2 2024 results, highlighting the completion of the Horizon acquisition for $385 million. Revenue grew 28.7% to $85.8 million, with Horizon contributing $16.7 million. Glo Fiber Expansion Markets added 5,000 subscribers, reaching 53,000 total. However, the company reported a net loss of $12.8 million, primarily due to integration and acquisition expenses. Adjusted EBITDA increased by 19.7% to $23.3 million. Capital expenditures rose to $150.9 million for the first half of 2024. The company also issued $81 million in Preferred Stock and upsized its credit facility by $275 million to support growth initiatives.
Shenandoah Telecommunications Company (Shentel) (NASDAQ:SHEN) has appointed Michael A. Rhymes to its board of directors and Audit Committee on July 30, 2024. Rhymes, currently the Chief Information Officer at Entergy (NYSE: ETR), brings extensive experience in information technology, strategic planning, and business transformation.
Prior to Entergy, Rhymes held leadership positions at Gates , Eaton, Cooper Industries, Ernst & Young, and Accenture. He holds a Bachelor of Science in Economics and an MBA from Texas A&M University. Shentel's Chairman and CEO, Christopher E. French, expressed enthusiasm about Rhymes' appointment, highlighting his expertise in technology, cybersecurity, and organizational development in regulated industries.
Glo Fiber, operated by Shenandoah Telecommunications Company (NASDAQ: SHEN), has announced plans to expand its fiber-optic broadband services to approximately 13,800 homes and businesses in Zanesville, Ohio. The company offers symmetrical upload and download speeds of up to 5 gigabits per second (Gbps) through its fiber-to-the-home technology and 15,600-mile regional fiber network.
Glo Fiber's expansion in Ohio is part of its rapid growth, now passing over 275,000 homes and businesses with its fiber-optic networks. The company emphasizes superior local customer service, high-speed internet reliability, and additional services such as phone, video, and Whole Home Wi-Fi. Key differentiators include exceptional network reliability, symmetrical speeds, straightforward pricing without long-term contracts, and prompt local customer service.
Shenandoah Telecommunications Company (Shentel) NASDAQ:SHEN has announced its upcoming second quarter 2024 earnings call, scheduled for Wednesday, August 7, 2024, at 8:30 a.m. Eastern Time. The company will release its financial results before the market opens on the same day. Investors and analysts can access the conference call and simultaneous webcast to discuss Shentel's financial performance and business highlights.
The earnings call can be accessed via the company's Investor Relations page at https://investor.shentel.com/. Analysts are required to register separately to dial in. A replay of the call will be available for a time on the company's website for those unable to attend the live event.
Glo Fiber, powered by Shenandoah Telecommunications Company (Shentel) (Nasdaq: SHEN), announced the deployment of next-generation fiber-optic broadband services in Greenfield, Ohio, serving approximately 2,500 homes and businesses. The service offers symmetrical upload and download speeds up to 5 Gbps, leveraging fiber-to-the-home technology and Shentel's extensive 15,600-mile regional fiber network. Glo Fiber's expansion aims to deliver high speed, low latency, and reliable internet, alongside phone, video services, and Whole Home WiFi. The company has expanded rapidly, now passing over 275,000 homes and businesses. Glo Fiber emphasizes outstanding customer service and exceptional network reliability, distinguishing itself from competitors with no long-term contracts and straightforward pricing.
Glo Fiber, powered by Shenandoah Telecommunications Company (Nasdaq: SHEN), has announced an agreement to expand its fiber network to Spring Township in Centre County, Pennsylvania. This expansion aims to provide high-speed internet of up to 5 Gbps to around 3,000 homes and businesses. Leveraging Shentel's 15,600-mile regional fiber network, Glo Fiber offers symmetrical upload and download speeds with low latency and high reliability. This initiative marks Glo Fiber's commitment to serving rural areas with competitive telecommunication options, emphasizing its superior local customer service and straightforward pricing without long-term contracts.
Shenandoah Telecommunications Company (Shentel) reported its first quarter 2024 financial results, with revenue growing by 3.1% to $69.2 million. The Tower segment's financial results were presented as discontinued operations. Glo Fiber Markets added 5,000 subscribers and ended the quarter with 47,000 subscribers. The Tower Portfolio was sold for $309.9 million in cash. Net loss from continuing operations was $4.1 million due to higher interest expense. Glo Fiber Markets revenue grew by 73.0% to $12.1 million. Shentel completed the sale of its tower portfolio and made significant acquisitions to fuel organic growth.
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