AT&T Shares Rise as Cell Carrier Lifts Free Cash Flow Outlook
19 Octobre 2023 - 2:22PM
Dow Jones News
By Will Feuer
AT&T's core cellphone business kept growing in the third
quarter, lifting revenue and spurring the company to raise its
full-year outlook for free cash flow.
Shares, down about 22% so far this year, rose almost 4% to
$14.85 in premarket trading.
In the third quarter, the Dallas company added 468,000 postpaid
phone connections, the cell carrier's main profit engine. Wall
Street analysts surveyed by FactSet expected the company to add
about 403,000 of those kinds of subscribers.
The cell carrier's quarterly earnings were dented by severance
and restructuring charges. The company has been consolidating
offices as part of a plan to cut costs across the company.
AT&T is the first telecommunications heavyweight to report
third-quarter results. Verizon and T-Mobile are set to offer their
own updates next week.
Here is how AT&T did in the third quarter:
Revenue: Third-quarter revenue rose 1% to $30.4 billion, above
the $30.21 billion that Wall Street analysts expected, according to
FactSet.
Adjusted profit: Stripping out one-time items, adjusted earnings
were 64 cents a share vs. 62 cents a share expected.
Free cash flow: AT&T posted third-quarter free cash flow of
$5.2 billion, up from $3.8 billion a year ago.
Outlook: AT&T says it is on track to hit roughly $16.5
billion in free cash flow this year, above the company's prior
outlook of at least $16 billion.
Write to Will Feuer at will.feuer@wsj.com
(END) Dow Jones Newswires
October 19, 2023 08:07 ET (12:07 GMT)
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