AT&T Inc. Continues to See Growth with First Quarter Results
AT&T Inc. has reported its first-quarter results, showcasing consistent growth in both its 5G and fiber customer additions. The telecommunications giant posted revenues of $30.0 billion, along with a diluted EPS of $0.47 and adjusted EPS of $0.55.
Operating income stood at $5.8 billion, with adjusted operating income at $6.0 billion. Net income was reported at $3.8 billion, alongside adjusted EBITDA of $11.0 billion. Cash from operating activities increased to $7.5 billion year over year, while capital expenditures reached $3.8 billion and free cash flow increased to $3.1 billion.
Highlights of the quarter included 349,000 postpaid phone net additions and an expected industry-leading postpaid phone churn of 0.72%. Mobility service revenue reached $16.0 billion, up 3.3% year over year. Additionally, AT&T saw 252,000 AT&T Fiber net additions, marking the 17th consecutive quarter of 200,000+ net additions. Consumer broadband revenues also saw growth, reaching $2.7 billion, up 7.7% year over year.
CEO John Stankey expressed confidence in the company’s investment-led strategy and reconfirmed full-year financial guidance. Looking ahead to 2024, AT&T expects growth in wireless service revenue, broadband revenue, adjusted EBITDA, capital investment, free cash flow, and adjusted EPS. The company also anticipates delivering Adjusted EPS growth in 2025.
For those interested in learning more, AT&T’s first-quarter earnings conference call will be webcast on April 24, 2024, at 8:30 am ET.
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