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AT&T's Strong Second-Quarter Results Highlight Consistent 5G and Fiber Growth
Dallas, July 24, 2024 — AT&T Inc. (NYSE: T) released its second-quarter results, demonstrating strong 5G and fiber customer growth, contributing to increasing revenues in Mobility services and broadband. The company reiterates its full-year 2024 financial guidance following consistent first-half performance.
Key Financial Metrics
- Total Revenues: $29.8 billion
- Diluted EPS: $0.49; Adjusted EPS: $0.57
- Operating Income: $5.8 billion; Adjusted Operating Income: $6.3 billion
- Net Income: $3.9 billion; Adjusted EBITDA: $11.3 billion
- Cash from Operating Activities: $9.1 billion
- Capital Expenditures: $4.4 billion; Capital Investment: $4.9 billion
- Free Cash Flow: $4.6 billion
Performance Highlights
- Mobility Service Revenues: $16.3 billion, up 3.4% year-over-year
- Postpaid Phone Net Adds: 419,000 with a churn rate of 0.70%
- AT&T Fiber Net Adds: 239,000, marking 18 consecutive quarters with 200,000+ net adds
- Consumer Broadband Revenues: $2.7 billion, up 7.0% year-over-year
- Fiber Reach: 27.8 million consumer and business locations
John Stankey, AT&T CEO, remarked, "Our consistent positive results over the past four years highlight the benefits of our investment-led strategy. AT&T is leading in converged connectivity, making us a preferred provider for seamless home, work, and mobile connections. This strategy continues to grow our subscribers and revenues while deepening customer relationships."
2024 Outlook
AT&T maintains its guidance for the full year:
- Wireless Service Revenue Growth: ~3%
- Broadband Revenue Growth: 7%+
- Adjusted EBITDA Growth: ~3%
- Capital Investment: $21-$22 billion
- Free Cash Flow: $17-$18 billion
- Adjusted EPS: $2.15-$2.25
- Net Debt-to-Adjusted EBITDA: ~2.5x by mid-2025
- Fiber Reach: 30 million+ locations by end-2025
Segment Performance
Communications Segment
- Revenues: $28.6 billion, down 0.9% YoY
- Operating Income: $7.0 billion, down 2.4% YoY
- Operating Income Margin: 24.5%
Mobility
- Revenues: $20.5 billion, up 0.8% YoY
- Service Revenues: $16.3 billion, up 3.4% YoY
- EBITDA: $9.2 billion, highest-ever second-quarter Mobility EBITDA
- Postpaid Phone ARPU: $56.42, up 1.4% YoY
Business Wireline
- Revenues: $4.8 billion, down 9.9% YoY
- Operating Income: $102 million, down 74.2% YoY
- EBITDA: $1.5 billion, down 13.9% YoY
Consumer Wireline
- Revenues: $3.3 billion, up 3.0% YoY
- Broadband Revenues: $2.7 billion, up 7.0% YoY
- EBITDA: $1.1 billion, up 7.1% YoY
- Fiber ARPU: $69.00, up 3.4% YoY
Latin America - Mexico
- Revenues: $1.1 billion, up 14.1% YoY
- EBITDA: $178 million, up 21.9% YoY
- Wireless Net Adds: 177,000, driven by postpaid growth
Conclusion
AT&T's strong second-quarter performance underscores its strategic investments in 5G and fiber networks, attracting high-value subscribers and enhancing customer relationships. The company remains confident in its ability to achieve its 2024 and 2025 financial targets, continuing its leadership in the connectivity space.
AT&T's pre-market stock shows a positive response, rising 2.3% following the release of these results.
Source: AT&T
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