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Teligent hurdles 2Q forecasts

Wireless communications services provider Teligent posted a smaller-than-expected loss in its second quarter Tuesday, losing $164.1 million, or $2.94 a share, on sales of $32.3 million.

First Call Corp. consensus predicted it would lose $3.01 a share in the quarter.

Teligent (Nasdaq: TGNT) shares closed off 1 15/16 to 17 9/16 ahead of the earnings report.

The $32.2 million in sales marks a 40 percent improvement from the first quarter and a spectacular 700 percent jump from the year-ago quarter when it lost $123.5 million, or $2.34 a share, on sales of $4 million.

"We're very pleased with our second quarter results across the board - data and voice, domestic and international," said CEO Alex Mandl in a prepared release. "We're especially excited about the strong showing we made in our local business."

In the quarter, Teligent added 34,110 local lines, bringing the total number of local lines to 87,516. Lines installed for data, Internet and related services rose by 180 percent. Total net line additions were 49,075.

It ended the quarter with an adjusted total of 358,556 lines, representing an increase of 25 percent from the first quarter and more than 850 percent from the year-ago quarter.

Last quarter, Teligent beat the Street when it lost $156 million, or $3.02 a share, on sales of $23.1 million.

Teligent shares raced up to a 52-week high of 100 in March before falling to a low of 17 1/2 earlier this month.

All 14 analysts following the stock maintain either a "buy" or "strong buy" recommendation.

Analysts expect it to lose $11.84 a share in the fiscal year.