AT&T: EPS down 11% in Q4
January 24 2024 - 8:31AM
IH Market News
AT&T (NYSE:T) reported a net income of $2.13 billion in the
fourth quarter of 2023, reversing a loss of $23.5 billion a year
ago. Revenues totaled $32 billion between October and December, a
growth of 2.2% over the same period in 2022.
In the last three months of 2023, AT&T reported an adjusted
earnings per share from continuing operations of $0.54, compared to
$0.61 in the previous year, and free cash flow of $6.4 billion on
revenues that increased 2.2% to $32 billion.
Driven by the growth of 5G and fiber, the telecommunications
operator thus claims an annual performance above its targets for
2023, with free cash flow of up to $16.8 billion and a 4.4%
increase in mobility service revenues.
For the next year, AT&T forecasts adjusted earnings per
share of $2.15 to $2.25, free cash flow in the range of $17 to $18
billion, and growth in adjusted EBITDA and wireless revenues of
about 3%.
“We had consistent business performance and delivered
sustainable growth, two of the things we promised we would do in
2023,” says John Stankey, CEO of AT&T, in a statement.
AT&T’s mobile services revenues reached $16 billion in the
fourth quarter, a 3.9% increase year-over-year. The company added
759,000 new customers in postpaid plans.
In broadband, service revenues rose 8.3%, and there was a net
addition of 19,000 new customers. The number of customers with
fiber optic internet had an addition of 273,000 in the period.
The American telecommunications company recorded a profit of
$14.1 billion in 2023, reversing a loss of $8.72 billion in 2022.
Revenues reached $122.4 billion between January and December, an
increase of 1.4%.
For 2024, AT&T projects that its mobile service revenues
will grow around 3% and broadband revenues will increase by 7%.
Adjusted earnings per share this year are expected to be between
$2.15 and $2.25, up 3.9% year-over-year. The company added 759,000
new customers in postpaid plans. In broadband, service revenues
rose 8.3%, and there was a net addition of 19,000 new customers.
The number of customers with fiber optic internet had an addition
of 273,000 in the period.
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