AT&T Beats Earnings Expectations, Raises Target for Free Cash Flow. Stock Rises.

AT&T reported third-quarter earnings and revenue that beat analysts’ estimates and the telecommunications giant raised its target for free cash flow for the year.Third-quarter revenue rose 1% from the same time last year to $30.4 billion, and adjusted profit was 64 cents a share. Analysts expected AT&T to report revenue of $30.2 billion and adjusted earnings of 62 cents.

“Our investments in best-in-class 5G and fiber connectivity are fueling our growth engine,” AT&T CEO John Stankey said in a statement. “We’re gaining profitable customer relationships and becoming more efficient.” AT&T raised its guidance for free cash flow and earnings before interest, taxes, depreciation and amortization for the year. Free cash flow is expected to be $16.5 billion, and Ebitda is expected to grow 4%. Previous guidance was for free cash flow of $16 billion and Ebitda growth of 3%.Cash from operating activities in the third quarter rose 2.4% to $10.3 billion, and free cash flow was $5.2 billion, which beat expectations.

Through the first three quarters of this year, AT&T said wireless service revenue has grown 4.6% while broadband revenue growth has been 8.1%.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AT&T Beats Earnings Expectations, Raises Target for Free Cash FlowThe telecommunications giant adds more wireless and broadband subscribers than expected in the third quarter.
Source: MarketWatch - 🏆 3. / 97 Read more »

Goldman Sachs beats Wall Street's lowered earnings expectationsGoldman Sachs profit falls sharply in latest quarter but still tops analyst estimates
Source: MarketWatch - 🏆 3. / 97 Read more »

Abbott Labs shares rise as company beats earnings estimates, raises full-year guidanceEleanor Laise is a healthcare reporter for MarketWatch and is based in Washington.
Source: MarketWatch - 🏆 3. / 97 Read more »

Prologis earnings fall but beat expectations, while occupancy declinesTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
Source: MarketWatch - 🏆 3. / 97 Read more »

Volvo 3Q Earnings Beat Expectations, Truck Markets Seen Lower Next YearBy Dominic Chopping STOCKHOLM--Volvo posted forecast-beating third-quarter earnings but said demand is beginning to normalize, with truck markets seen...
Source: MarketWatch - 🏆 3. / 97 Read more »