AT&T raises full-year cash flow guidance after strong Q3 results By Investing.com

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AT&T raises full-year cash flow guidance after strong Q3 results

Published Oct 19, 2023 09:44AM ET

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AT&T raises full-year cash flow guidance after strong Q3 results

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AT&T Inc., the Dallas-based telecom giant, has lifted its full-year free cash flow guidance to $16.5 billion following better-than-expected Q3 results. This announcement triggered a 3.7% rise in AT&T's shares to $14.85 during pre-market trading on Thursday.

The telecom major reported Q3 adjusted earnings of 64 cents per share, outperforming analysts' average estimate of 62 cents per share. Additionally, the company witnessed a 1% increase in revenue to $30.4 billion compared to the same period last year.

AT&T also reported a free cash flow of $5.2 billion for Q3, surpassing analysts’ estimates. The company's performance was further bolstered by the addition of 468,000 net new mobile subscribers in Q3, which marked an end to four consecutive quarters of declining subscription growth. This aligns with the InvestingPro Tip that AT&T is a prominent player in the Diversified Telecommunication Services industry.

Despite the promising figures, AT&T is currently navigating through a complex restructuring process and dealing with a heavy debt load. The company also faces potentially high costs associated with the removal of lead from its old copper phone network.

AT&T's stock has seen a roughly 20% drop this year as it trails rivals in the nationwide 5G network rollout and grapples with challenges related to its home wireless plan launched in August. The company plans to assess the impact of iPhone 15 promotions on subscriber numbers in Q4.

In terms of financial metrics, AT&T has a market cap of $102.38 billion and a P/E ratio of -18.51, according to InvestingPro data. The company's revenue for the last twelve months was $121.44 billion, with a gross profit of $71.51 billion. The company's dividend yield is 7.75%, and it has maintained dividend payments for 40 consecutive years, which is a noteworthy InvestingPro Tip.

As per InvestingPro, AT&T's stock is trading near its 52-week low with a previous close price of $14.58. The company's next earnings date is slated for October 19, 2023. The InvestingPro Fair Value of AT&T's stock is $17.77, while analysts target a fair value of $18.

For more insightful tips and real-time metrics on AT&T and other companies, consider checking out the additional 8 tips and numerous metrics available with InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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