Category: Companies / October 23, 2013 3:55 PM EDT
AT&T Inc. (NYSE: T) plans to release fiscal third-quarter earnings after the closing bell on Wednesday, and analysts expect the communications firm to report quarterly EPS of 66 cents on revenue of $32.19 billion, according to analysts polled by Reuters. AT&T reported a profit of 63 cents a share on revenue of $31.46 billion a year earlier.
During the second quarter, AT&T topped estimates on revenue Growth following Strong Wireless Gains Driven by strong subscriber growth, but it missed Wall Street expectations for EPS by one cent as operating expenses rose in the period.
In July, AT&T issued second-quarter net income of $3.88 billion, or 71 cents a share. Excluding items, earnings climbed 1.5 percent, to 67 cents a share, from 66 cents in the year-earlier period. Revenue increased to $32.08 billion, from $31.58 billion. Analysts had expected the telecom giant to report second-quarter earnings excluding items of 68 cents a share on $31.81 billion in revenue, according to Reuters.
“This was a solid quarter for revenue and customer additions across our key growth platforms,” said Randall Stephenson, AT&T chairman and CEO. “Our 4G LTE network is the fastest and the most reliable in the nation, and deployment is ahead of schedule. That contributed to a step-up in postpaid subscriber gains, and strong mobile data revenue growth of nearly 20 percent. Growth in U-verse and strategic business services also continued to be strong — adding to our momentum.”
A conference call to discuss the company’s third quarter results will begin at 4:30 p.m. Eastern.
Investors will be listening to hear more about AT&T’s new $4.85 billion tower deal with Crown Castle International Corp. (NYSE: CCI), as well as the company’s outlook for the fourth quarter and guidance for the year.
Shares of AT&T were trading down 0.06 percent to $35.21 in late afternoon trading on Wednesday.
Video Credit: Reuters