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Teligent delivers upside surprise in 2Q

Telecommunications provider Teligent Inc. (Nasdaq: TGNT) posted a smaller-than-expected loss in its second quarter Wednesday, losing $123 million, or $2.34 a share, on sales of $4 million.

First Call consensus expected it to report a loss of $2.45 a share.

Its shares closed up 5 11/16, or 10 percent, to 64 ahead of the earnings report.

The $4 million in sales represents a 250 percent improvement compared to the first quarter when it lost $108 million, or $2.05 a share, on sales of $1.5 million.

In the quarter, Teligent raised its year-end target for securing access rights to customer buildings by 20 percent, from 5,000 to 6,000 buildings.

"By every measure, we had an excellent second quarter," said CEO Alex Mandl in a prepared release. "We dramatically increased our revenue, and we significantly improved our numbers for `on-net' buildings, customers and customer lines."

Teligent shares hit a 52-week high of 75 7/8 in July after falling to a low of 18 1/4 last August.

First Call consensus expects it to lose $9.80 a share in the fiscal year.