Cellcom Israel Shares Edge Lower

Cellcom Israel shares edged lower Thursday after the Israel-based provider of telecommunication services reported lower Q1 earnings and revenue.

Net income totaled 26 million Israeli New Sheqels ($7 million), down from NIS114 million ($29 million) in Q1 last year. On a per-share basis, the adjusted earnings per diluted share tumbled to NIS0.25 ($0.06) from NIS1.14. Just one analyst polled by Capital IQ had given an estimate for GAAP EPS, which was NIS0.31.

Excluding a one-time effect, net income totaled NIS51 million ($13 million), a decrease of 55%. The company didn’t provide a per-share figure for the adjusted earnings.

Cellcom reported total Q1 revenue of NIS1.06 billion ($267 million), down from NIS1.13 billion ($284 million) in Q1 last year but near the mean estimate of two analysts polled by Capital IQ. CEL was down 1.4% at $4.11 recently, in a 52-week range of $4.07 to $13.67.