CenturyLink (NYSE: CTL) reported a strong rise in its fourth-quarter earnings.

The company also announced its plans to cut quarterly payout to $ 0.54 per share from 72.5 cents per share.

CenturyLink’s quarterly profit surged to $ 233 million, or $ 0.37 per share, from $ 109 million, or $ 0.18 per share, in the year-ago period. Excluding special items, it earned $ 0.67 per share.

Its revenue fell 1.5% to $ 4.58 billion. The company in November expected earnings of $ 0.64 to $ 0.69 per share on revenue of $ 4.56 billion to $ 4.61 billion.

Its operating expenses declined 4.9% to $ 3.92 billion.

CenturyLink expects Q1 revenue of $ 4.46 billion to $ 4.51 billion and adjusted earnings of $ 0.67 to $ 0.72 per share. However, analysts were expecting revenue of $ 4.55 billion and earnings of $ 0.66 per share.

CenturyLink shares dropped 13.53% to $ 36.05 in after-hours trading.

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Tags: profit

Posted in: Earnings, News, Guidance, Dividends