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

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The telecommunications giant adds more wireless and broadband subscribers than expected in the third quarter.

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%.

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