AT&T Inc (T) Misses Q3 EPS by 1c

October 22, 2014 4:02 PM EDT

AT&T Inc (NYSE: T) reported Q3 EPS of $0.63, $0.01 worse than the analyst estimate of $0.64. Revenue for the quarter came in at $33 billion versus the consensus estimate of $33.3 billion.

Other highlights:

  • Strong cash from operations of $8.7 billion, with $3.5 billion in free cash flow
  • More than 2 million new wireless and wireline high-speed broadband connections added

The company continues to rationalize its business portfolio. This includes:

  • Completing the sale of the América Móvil equity investment;
  • Closing Connecticut wireline property transaction two months earlier than expected; and,
  • Exiting select low-margin wireline wholesale businesses.

With this rationalization, the company now expects full-year consolidated revenue growth in the 3 to 4 percent range, which also includes the impact of fewer than expected AT&T Next gross adds and upgrades and greater than expected number of BYOD (bring your own device) gross adds.

“Our strategy is on track and our investments in giving customers best-in-class service to access content everywhere and on any screen continue to pay off,” said Randall Stephenson, AT&T chairman and CEO. “We had strong subscriber growth in wireless and U-verse, and our strategic business services revenues continued to post double-digit growth.”

For earnings history and earnings-related data on AT&T Inc (T) click here.

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