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Telekom Austria Rises After First-Quarter Earnings Top Estimates

Telekom Austria AG, the country’s biggest phone company, rose the most in almost five weeks after its first-quarter earnings beat analysts’ estimates while a decline in revenue was cushioned by business in Belarus.

The shares climbed as much as 3.6 percent in Vienna, the biggest intraday rise since April 5, and traded 2 percent higher at 5.25 euros at 10:45 a.m., the third-best performance in the 13-company Euro Stoxx Telecommunications Index. About 130,000 Telekom Austria shares traded, 26 percent of the average daily volume over the past three months.

Key performance indicators for the first quarter “are not looking as bad as expected in mobile and are better than our rosy expectations in fixed,” Carola Bardelli and Matthew Bloxham, analysts for Deutsche Bank AG, wrote in a note to clients yesterday.

The stock may benefit from the results even as it is driven mainly by this year’s spectrum auction as well as domestic mobile prices, Bardelli and Bloxham said. Telekom Austria introduced new tariffs last month in a bid to counter falling prices in its domestic market.

The company, one of two European operators part-owned by Carlos Slim’s America Movil SAB, posted earnings before tax, interest, depreciation and amortization of 336.9 million euros ($441.5 million) beating analysts’ average estimate of 323.8 million euros. Profit in Austria and Bulgaria declined on intense competition and regulatory pressure, while earnings in Belarus and smaller markets including Serbia and Slovenia rose, the company said in a statement yesterday.

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