AT&T Down 1% After Q4 Earnings Beat
(Benzinga Lightning Feed Via Acquire Media NewsEdge) AT&T (NYSE: T) is down more than one percent after the company reported its fourth quarter results.
The telecommunications giant reported a Q4 EPS of $0.53 versus the Street estimate of $0.50.
Earnings per share were up 20 percent from the year-ago period.
Revenue arrived at $33.2 billion versus the Street estimate of $33.06 billion. Sales were up two percent year-over-year.
"2013 was the year of the network," Randall Stephenson, AT&T chairman and CEO, said in a company release. "With Project VIP, we're delivering faster speeds and new services to millions more customers. And growth on these platforms is going strong. We exceeded build targets across the board. Our 4G LTE network is nearly complete and is the nation's most reliable with lightning-fast speeds. U-verse is rapidly expanding, and our fiber-to-the-business build is off to a fast start.
"The next steps are to make our networks even more powerful and layer on services that will drive new growth in the years ahead. We have good momentum in areas like connected car, home automation and mobile business solutions. We're also committed to transforming our operations to make them more responsive and efficient. To that end, we've launched Project Agile, a broad set of initiatives to streamline and improve every part of our business. Execution has begun and will be a focus area for us in 2014 and beyond."
During the quarter, 1.2 million new postpaid smartphones were added, both from upgrades and from new subscribers. Smartphones now account for a record 93 percent of AT&T's postpaid phone sales.
AT&T also added 630,000 high speed Internet subscribers, boosting annual net additions to a record high of 2.7 million.
Shares of AT&T have fallen more than four percent year-to-date (as of market close on Monday, January 27). The company fared better during the first quarter of 2013, but is still down more than one percent over the past 12 months.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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