AT&T beats by $0.03, reports revs in-line; guides FY24 EPS in-line
- Reports Q3 (Sep) earnings of $0.60 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.57; revenues fell 0.5% year/year to $30.2 bln vs the $30.5 bln FactSet Consensus.
- 403,000 postpaid phone net adds with an expected industry-leading postpaid phone churn of 0.78%.
- 226,000 AT&T Fiber net adds; 200,000+ net adds for 19 consecutive quarters.
- Co issues in-line guidance for FY24, sees EPS of $2.15-2.25, excluding non-recurring items, vs. $2.20 FactSet Consensus.
- Wireless service revenue growth in the 3% range.
- Broadband revenue growth of 7%+.
- Adjusted EBITDA growth in the 3% range.
- Free cash flow in the $17-$18 billion range.
- The Company continues to expect to achieve net debt-to-adjusted EBITDA in the 2.5x range in the first half of 2025.
- On track to pass 30 million-plus consumer and business locations with fiber by the end of 2025.