BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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AT&T Reports Robust First-Quarter 2024 Earnings, Reaffirms Full-Year Guidance
Dallas, April 24, 2024 — AT&T Inc. (NYSE: T) released its first-quarter results for 2024, demonstrating sustained growth in key areas like 5G and fiber customer additions, alongside a profitable increase driven primarily by gains in Mobility service and broadband revenues. The company’s strategic focus on expanding its connectivity services is paying dividends, reflecting in both revenue and subscriber growth.
Financial Performance Highlights
- Revenues: AT&T posted revenues of $30.0 billion, maintaining near-level performance with the previous year.
- Earnings Per Share (EPS): Diluted EPS stood at $0.47, with an adjusted EPS of $0.55.
- Operating Income: Reported at $5.8 billion with an adjusted figure of $6.0 billion.
- Net Income: The company saw a net income of $3.8 billion, with adjusted EBITDA reaching $11.0 billion.
- Cash Flow: Operating cash flow was $7.5 billion, marking an increase of $0.9 billion year-over-year. Free cash flow also rose significantly to $3.1 billion, up by $2.1 billion from the previous year.
Operational Highlights
- Customer Growth: AT&T added 349,000 postpaid phone net additions and reported an industry-leading expected postpaid phone churn of just 0.72%.
- Mobility and Broadband: Mobility service revenues increased by 3.3% to $16.0 billion. Consumer broadband, boosted by 252,000 AT&T Fiber net adds, grew revenues by 7.7% to $2.7 billion.
- Infrastructure Expansion: The company has expanded its reach, now passing 27.1 million consumer and business locations with fiber.
CEO’s Statement
John Stankey, CEO of AT&T, highlighted the consistent and solid performance across the company’s core business areas. "Customers are choosing AT&T and staying with us," Stankey noted, emphasizing the success in both attracting new customers and retaining existing ones through enhanced services and connectivity solutions.
2024 Financial Outlook
AT&T remains confident in its strategic direction and has reaffirmed its full-year financial guidance for 2024, predicting:
- Wireless Service Revenue Growth: Around 3%.
- Broadband Revenue Growth: Over 7%.
- Adjusted EBITDA Growth: Also in the 3% range.
- Capital Investment: Expected to be between $21 billion and $22 billion.
- Free Cash Flow: Projected in the $17 billion to $18 billion range.
- Adjusted EPS: Anticipated to be between $2.15 and $2.25.
Additionally, the company has set a target for achieving a net debt-to-adjusted EBITDA ratio in the 2.5x range by the first half of 2025, reflecting its strong focus on financial health and sustainable growth.
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