ibusinesslines.com
ibusinesslines.com October 23, 2017


AT&T says hurricanes, earthquakes hurt third-quarter results

13 October 2017, 11:54 | Kelvin Horton

AT&T counts the cost of natural disasters in the third quarter

AT&T filing: Natural disasters hitting earnings; DirecTV Now at 300K adds

AT&T, the parent company of DirecTV, will report losing 90,000 video customers when it discloses quarterly financial results this month due in part to cord-cutting, the telecommunications company said Wednesday in a regulatory filing.

AT&T also stated that the damage to its network, properties, restoring services, and revenue clines from waived charges will negatively impact its third quarter.

The decline of traditional video subscribers has a negative impact on AT&T's Entertainment Group revenues and margins; the group said the third quarter adjusted consolidated operating income margin would therefore "be essentially flat" versus the year-ago third quarter.

The No. 2 USA wireless carrier said third-quarter consolidated revenue was hurt by about $90 million and pre-tax earnings by about $210 million, or 2 cents per share.


Shares fell 0.3% in after-hours trading to $38.09.

AT&T expects almost 300,000 DirecTV Now net adds, though total United States video subscribers will fall by about 90,000.

Meanwhile, it notes it expects to report DirecTV Now added a net 300,000 subs, while overall total USA video subscribers will be down about 90,000 (which "negatively impacts our Entertainment Group revenues and margins, resulting in an adjusted consolidated operating income margin that will be essentially flat versus the year-ago third quarter"). The company estimates capital expenditures in the $22 billion range, and free cash flow at the low end of the $18 billion range.

AT&T will release its third quarter earnings on Tuesday, Oct. 24.



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