Shares of PAETEC Holding Corp. stayed mostly steady on Thursday after the New York-based CLEC announced higher revenue, and net losses, than a year ago.
PAETEC stock was trading one cent higher at $4.31 by 1:30 p.m. Eastern as investors seemed to have no reaction to the $408.4 million in sales, up from $12.8 million, and $14.8 million in losses, up from $6.5 million in 2009s third quarter. The revenue boost stemmed mostly from companies PAETEC acquired in the past year, as well as a jump in energy resale deals.
PAETEC, which is buying Cavalier Telephone, also spent $34 million on capex in the third quarter, compared to $27.7 in the year-earlier period. The company focused on fiber infrastructure, network upgrades in specific markets and data-center expansion.
Meanwhile, PAETEC reaffirmed its guidance for the full year because significant economic declines and regulatory changes are not expected. PAETEC expects to report revenue of between $1.59 billion and $1.63 billion.