In a flurry of activity, Virginia-based Lumos Networks released their earnings and provided updates on their ongoing projects in Virginia and Pennsylvania. Since splitting off from nTelos two years ago, Lumos has been moving aggressively to both make better use of the fiber they have and to build out into new adjacent markets.
On the earnings front, they reported revenue of $51.6M, adjusted EBITDA of $23M, and diluted earnings per share of $0.11. That was somewhat below expectations, however the company maintained their full year guidance. They finished the quarter with a surge in cell sites on-net, reaching 540.
In Virginia, Lumos has finished up the network buildout they've been working on down in Richmond and launched their 110 mile Metro Ethernet metro ring. They'll now be taking that fiber asset and going after the enterprises, data centers, and cell towers it passes. Along with their previously announced deal with HCA they have also now signed up Virginia Commonwealth University Health Systems for connectivity of four Richmond facilities to their data center.
Up in Pennsylvania, it's not a new market but rather making better use of the fiber that came from nTelos' Allegheny acquisition. Lumos has been upgrading that network to 100G compatability, adding on/off ramps, and adding routes from Pittsburgh to Harrisburg and to Ashburn. Lumos's Pennsylvania assets have been mostly intercity, but they're now looking at the enterprise and cell backhaul opportunities.
We interviewed Lumos' CEO Tim Biltz here on Telecom Ramblings over the summer, where he offered additional color on their fiber expansion plans.Fiber Networks · Financials · Metro fiber