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Tax reform boost bumps Altice USA into the black for Q4'17

Boosted by tax reform, Altice USA Inc. reported fourth-quarter 2017 net income attributable to company stockholders of $2.25 billion, or $3.06 per share, up from an attributable net loss of $236.7 million, or a loss of 36 cents per share, in the year-ago period.

Altice said Feb. 27 that following the enactment of the Tax Cuts & Jobs Act at the end of 2017, the company recorded a noncash deferred tax benefit of $2.34 billion in the fourth quarter of 2017 to adjust the net deferred tax liability for the reduction in the corporate federal income tax rate from 35% to 21%.

The GAAP S&P Capital IQ consensus estimate for the period was a loss of 7 cents.

Revenue for the fourth quarter was $2.37 billion, up 2.6% year over year from $2.31 billion.