AT&T on Track for $16.5 Billion in Free Cash Flow in 2023
December 11 2023 - 3:09PM
Dow Jones News
By Denny Jacob
AT&T remains on track to meet certain financial targets and
expects some to improve, said Chief Financial Officer Pascal
Desroches.
The telecom giant is on track for 2023 free cash flow of about
$16.5 billion and expects the metric to improve in 2024 due to
profitable wireless and fiber customer additions, among other
reasons, said Desroches, speaking at an Oppenheimer conference. It
forecast adjusted EPS at the higher end of its previous forecast
range between $2.35 and $2.45, or in the low $2.40's range.
AT&T expects 2024 adjusted earnings-per-share to reflect the
impact of accelerated depreciation from its plans with Ericsson.
AT&T earlier this month struck a deal with the Swedish
equipment supplier to buy up to $14 billion of its hardware and
services after the company pledged to open up its software to
competing systems.
Dallas-based AT&T said it also remains on track to achieving
its goal of 2.5x net-debt to adjusted earnings before interest,
taxes, depreciation and amortization in the first half of 2025.
For the fourth quarter, AT&T said postpaid phone net adds
are expected to grow sequentially and are tracking around 500,000.
It expects fiber net adds in the 250,000 range for the quarter,
which it said reflects normal seasonality.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 11, 2023 15:54 ET (20:54 GMT)
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