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AT&T sees earnings growth slowing in 2014
2014-01-29 09:02:00| Telecompaper Headlines
(Telecompaper) AT&T reported fourth-quarter revenues up 1.8 percent from a year earlier to USD 33.2 billion. Adjusted operating profit rose to USD 5.2 billion from USD 4.2 billion, giving a margin of 15.5 percent, and adjusted EPS was up 20.5 percent to USD 0.53. Net profit reached USD 6.9 billion, versus a loss of USD 3.9 billion a year ago, thanks to one-time gains on pension holdings and the sale of America Movil shares. These were offset in part by charges for debt redemption and lay-offs. AT&T reported operating cash flow of USD 34.8 billion for the year, down from a record USD 39.2 billion in 2012 due to higher cash tax payments and device financing. Capital expenditure rose to USD 21.2 billion from USD 19.7 billion in 2012 on the roll-out of the LTE network, which now covers nearly 280 million people. The LTE deployment is expected to be substantially complete by this summer, after which AT&T said it will focus more on developing new services for the network, such as the connected car and home automation. The operator also announced a new efficiency drive called Project Agile, which is expected to "streamline and improve" every part of the business. Execution of the project has already started and will be a focus in 2014.
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Category:Telecommunications
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