AT&T Inc. topped expectations for free cash flow in its latest quarter while sticking with its full-year outlook on the metric.
The telecommunications company delivered $4.2 billion in free cash flow for the latest quarter, ahead of the $3.7 billion that analysts tracked by FactSet had been expecting. The upside marked a reversal from what was seen three months ago, when AT&T fell way short of Wall Street’s forecasts on the closely watched metric amid what it said were misaligned expectations about its quarterly cadence.
AT&T logged net income of $4.5 billion, or 61 cents a share, compared with $4.2 billion, or 57 cents a share, in the year-prior quarter. On an adjusted basis, AT&T logged 63 cents a share in earnings, down from 65 cents a share a year before but ahead of the FactSet consensus, which was for 60 cents a share.
AT&T also reported adjusted earnings before interest, taxes, depreciation and amortization of $11.1 billion, up from $10.3 billion a year prior, whereas the FactSet consensus was for $10.7 billion. The company is in the midst of a cost-cutting push, disclosing Tuesday that it achieved its run-rate cost-savings target of $6 billion ahead of schedule. AT&T is now aiming to eliminate $2 billion more in costs.
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