CenturyLink suspends merit raises in 2018
Bonnie BoldenOn Thursday, CenturyLink employees received an internal memo announcing the company has suspended merit raises this year.
"CenturyLink, as all businesses, continually evaluates the company’s cost structure and business practices and adjusts operations to meet the needs of the business. As a result, we have made the difficult decision that there will be no merit increases in 2018," Annmarie Sartor, external communication manager for CenturyLink, wrote to The News-Star Thursday evening.
More:CenturyLink stock information
CenturyLink, headquartered in Monroe, is the largest public company headquartered in Louisiana.
On Thursday, prices closed at $17.47 on the New York Stock Exchange. The 52-week range was $13.61 to $27.61. In the past three years, the stock has been as high as $39 per share, but there's been an overall downward trend, particularly since October 2016.
The most recent dividend was 54 cents, paid Dec. 11.
"While we are confident we are on the right path to grow our company, we continually need to watch the fundamentals of our business, including revenue growth and expenses," Sartor said.
Sartor said the company has acquired significant assets that provide a strong foundation to grow the company on in the future. She said they're working to build more automation and efficiency into platforms. That will lower costs moving forward and encouage product innovation while enabling faster speed to market.
On Nov. 1, it closed a $34 billion deal to buy Level 3 Communications.
"We are investing for the future, and adjustments to our cost structure reflect the dynamic and competitive environment in which we operate," she said.
On Dec. 18, the company announced that no holiday bonuses would be paid.
CenturyLink employs 52,000 workers worldwide with 500,000 miles of fiber.
It has more than 2,700 employees in the state, and its annual Louisiana payroll exceeds $200 million. Most of those employees work at the company's Monroe headquarters.
In December:CenturyLink drops holiday bonus a week before Christmas
From November:CenturyLink eliminates 35 jobs at headquarters