Telephone and Data Systems, Inc. (TDS) recently announced its financial results for the first quarter of 2024. According to a statement by TDS President and CEO, LeRoy T. Carlson, Jr., the company reported total operating revenues of $1,262 million for the first quarter of 2024. This marks a slight decrease from the $1,303 million reported for the same period last year. Despite the slight decrease in revenue, the company showed positive net income growth, with $12 million attributable to TDS common shareholders in the first quarter of 2024 compared to a loss of $(9) million in the same period one year ago.
Carlson highlighted the company's commitment to quality networks, stating, "The TDS Family of Companies' ongoing commitment to quality networks supports our mission of providing outstanding communications services to our customers." He also emphasized the positive impact of investments in mid-band spectrum and fiber on customer experience.
UScellular, a subsidiary of TDS, experienced a balance between subscriber growth and financial discipline in a competitive market. Despite a loss in postpaid customers in the first quarter, the company made progress in reducing postpaid churn and improving profitability through increased postpaid Average Revenue Per User (ARPU) and cost optimization programs.
TDS Telecom, another subsidiary, saw significant growth in revenue and profitability driven by investments in broadband infrastructure. The company exceeded 100,000 residential broadband connections in expansion markets and deployed an additional 28,000 marketable fiber service addresses in the first quarter. TDS Telecom is on track to deliver 125,000 new marketable service addresses in 2024.
Regarding the strategic direction of UScellular, TDS and UScellular initiated a process to explore strategic alternatives for UScellular in August 2023. The review is ongoing as of the latest report.
Looking ahead, TDS provided estimated results for the full year of 2024 for UScellular and TDS Telecom. The company stated that the estimates represent management's view as of May 3, 2024, and cautioned that final results may differ from these estimates.
TDS will hold a conference call on May 3, 2024, at 9:00 a.m. Central Time to discuss the results in detail. Financial and statistical information related to the call will be posted on the company's investor page.
Telephone and Data Systems, Inc. (TDS) is a Fortune 1000 company that provides a range of communication services through its subsidiaries, including wireless, broadband, video, voice, and managed services. Headquartered in Chicago, TDS serves approximately 6 million connections nationwide.
For more information about TDS and its subsidiaries, visit their respective websites:
- TDS: www.tdsinc.com
- UScellular: www.uscellular.com
- TDS Telecom: www.tdstelecom.com
- OneNeck IT Solutions: www.oneneck.com