From RTTNews:

Telecom giant AT&T, Inc. reported a profit in the fourth quarter, benefiting from sharply lower charges and gains in 5G and AT&T Fiber subscribers. Adjusted earnings per share missed market estimates, and the company issued fiscal 2024 adjusted earnings view below Street estimates. In pre-market activity on the NYSE, AT&T shares were losing more than 4 percent.

AT&T expects adjusted earnings per share of $2.15 to $2.25 for 2024, while analysts expect $2.46 per share. The company also projects wireless service revenue growth of 3%, broadband revenue growth of 7%+, and adjusted EBITDA growth of 3%. Capital investment is expected to be $21-22 billion, with free cash flow estimated at $17-18 billion.

For the fourth quarter, net income was $2.14 billion, compared to a loss of $23.57 billion last year. Earnings per share were $0.30, compared to a loss of $3.20. Adjusted earnings per share was $0.54, down from $0.61 in the year-ago quarter. Total operating revenues grew 2.2% to $32.02 billion.

Total wireless net adds were 5.9 million in the fourth quarter, while Business Wireline revenues fell 10.3% due to lower demand for legacy voice and data services. Consumer Wireline revenues grew 3.8% due to gains in broadband. The company expanded the most reliable 5G network and achieved its end-of-year mid-band 5G spectrum target, covering over 210 million people.

AT&T recorded 273,000 AT&T Fiber net adds in the fourth quarter and 1.1 million net adds for the full year of 2023. In pre-market activity on the NYSE, the shares were trading at $16.50, down 4%.



Read more: AT&T Q4 Adj. EPS Miss View; Sees FY24 Adj. Earnings Below Market; Stock Down