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Bond Market News

AT&T Posts Mixed Results

January 27, 2022

AT&T reported its Q4 results with revenues of $41bn, down 10% YoY, but beating the $40.3bn forecast. The drop in revenues was due to divestment of its DirecTV unit and other pay-TV operations without which they said that revenues would have grown 4%. Its EBITDA stood at $11.3bn, down 12% and lower than forecasts of $12.5bn. Net income came at $5bn vs. a net loss of ($13.9bn) in the year ago quarter. The company said it added a net 884,000 postpaid phone subscribers, thereby adding 3.2mn for the whole year which Barron’s notes is more than its rivals Verizon and T-Mobile’s combined. AT&T’s net debt decreased by $1.7bn sequentially with free cash flows of $8.7bn, the latter higher than the $7.3bn consensus thanks to lower capex. Regarding its 2022 guidance, AT&T said that revenue growth would be in the low-single digits range compared to 2021 and it expects free cash flows in the $23bn range (vs. $26.8bn in 2021).

AT&T’s bonds were slightly lower with its 3.3% 2052s down 0.5 points to 91.74, yielding 3.76%.

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