Telecom & Wireless
AT&T Makes Some Headway Meeting Earnings Estimates
Published:
Last Updated:
AT&T Inc. (NYSE: T) reported its first quarter financial results after the markets closed on Tuesday. The company said that it had $0.74 in earnings per share (EPS) and $39.4 billion in revenue, versus consensus estimates from Thomson Reuters that called for $0.74 in EPS and $40.57 billion in revenue. In the same period from last year, AT&T reported $0.72 in EPS and $40.53 in revenue.
The telecom giant reported its segment revenues for the quarter as:
In terms of the outlook for the full year, and considering the impact of the Time Warner acquisition, AT&T updated its guidance. The company expects to see EPS growth in the mid-single-digit range, with free cash flow in the $18 billion range.
Cash from operating activities totaled $9.2 billion in the first quarter, and capital expenditures reached $6.0 billion. Free cash flow totaled $3.2 billion for the quarter.
Randall Stephenson, AT&T Chairman and CEO, commented on the report:
In a very competitive quarter, we continued to execute on our goals of driving efficiencies in our business while growing adjusted earnings per share. But just as important, the strategic moves we’ve made over the last few months to expand our wireless capacity and fortify our 5G leadership will be felt for years to come. FirstNet gives us access to 20 megahertz of valuable, low-band spectrum and allows us to deploy our spectrum assets more efficiently as we build a high-quality, mobile broadband network for our first responders. And our planned acquisitions of Fiber Tower and Straight Path will add valuable millimeter wave spectrum assets to our 5G tool kit as we lead the way to the next generation of wireless technology.
Shares of AT&T closed Tuesday at $39.94, with a consensus analyst price target of $42.70 and a 52-week trading range of $36.10 to $43.89. Following the release of the earnings report the stock was up 1.2% at $40.40 in the after-hours trading session.
If you want to retire before 65, pay attention. Study after study has shown that the longer you stay invested, the better your chances at an early retirement.
Every day that goes by without saving and investing for tomorrow means more to earn and save later. Don’t waste any more time and get started with Robinhood today. The app makes it easy to buy and sell stocks, mutual funds, trade options, and even cryptocurrencies.
Sign up today — click here to start your journey.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.