AT&T Finance Chief Maintains Guidance During Remarks at Conference

   By Micah Maidenberg

AT&T Inc. is maintaining its guidance for 2018, CFO John Stephens said Wednesday at a conference in Barcelona.

The company still anticipates delivering per-share earnings at the high end of $3.50 for the year, free cash flow at the high end of $21 billion and $22 billion in capital investments, he said at the event sponsored by Morgan Stanley.

AT&T also continues to anticipate $2.5 billion run-rate synergies from its acquisition of Time Warner, now called WarnerMedia, by 2021. The company also remains focused on cutting debt, according to Mr. Stephens, and expects to end this year with $48 billion in debt maturing through 2022, down from $76 billion at the close of the Time Warner deal.

The Justice Department has appealed the ruling that allowed that acquisition to move forward. Mr. Stephens said AT&T is working on the case, with oral arguments scheduled in federal court December 6.

Meanwhile, AT&T has scheduled a meeting with analysts for November 29.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

November 14, 2018 15:38 ET (20:38 GMT)

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