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AT&T Inc. Q1 Profit Matches Estimates; Revenue Up 17.8%

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AT&T Inc. (T) reported first-quarter adjusted earnings per share of $0.86 compared to $0.85, prior year. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.86 for the quarter. Analysts' estimates typically exclude special items. Adjusting for amortization, merger- and integration-related expenses and other items, operating income was $9.6 billion compared to $7.5 billion, previous year.

Net income attributable to AT&T was $4.1 billion, or $0.56 per share compared to $4.7 billion, or $0.75 per share, a year ago. Operating income was $7.2 billion, up from $6.2 billion, primarily due to the Time Warner acquisition.

For the first-quarter, total operating revenues improved 17.8% year-over-year to $44.83 billion from $38.04 billion. Analysts expected revenue of $45.11 billion for the quarter. The company said the declines in legacy wireline services, Vrio, wireless equipment and domestic videowere were more than offset by the addition of WarnerMedia, domestic wireless services and Xandr.

For Mobility, service revenues were up 2.9%, for the first quarter. Postpaid smartphone net adds in the U.S. were 179,000, for the quarter. Postpaid phone net adds were 80,000.

For the first-quarter, operating expenses were $37.6 billion, an increase of about $5.8 billion from last year due to the Time Warner acquisition and higher commission amortization from adopting new accounting standards last year, partially offset by lower wireless equipment costs and cost efficiencies.

First-quarter cash from operating activities was $11.1 billion, up 24%, and capital expenditures were $5.2 billion. Free cash flow was $5.9 billion for the quarter.

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