Early Access

10-QPeriod: Q1 FY2024

AT&T INC. Quarterly Report for Q1 Ended Mar 31, 2024

Filed May 2, 2024For Securities:TT-PCTBBT-PA

Summary

AT&T Inc. (T) reported its first-quarter 2024 financial results, showing a slight decrease in total operating revenues to $30.03 billion from $30.14 billion in the prior year. This was primarily driven by a decline in equipment sales, although service revenues saw a modest increase. Operating income for the quarter was $5.85 billion, down from $6.00 billion year-over-year, reflecting increased depreciation and amortization expenses related to network investments, partially offset by lower operating expenses in some segments. The company's Communications segment, its largest, remained largely stable in revenue but saw a notable decrease in operating income for its Business Wireline unit, while Mobility and Consumer Wireline showed improvements. The Latin America segment, primarily Mexico operations, experienced significant revenue growth. AT&T continues to invest heavily in its network infrastructure, particularly fiber and 5G expansion, which contributed to higher depreciation costs but are expected to drive future growth.

Financial Highlights

47 data points
Beta

Revenue

$30.03B

Net Income

$3.44B

0.1% Net Margin

EPS (Diluted)

$0.47

Total Assets

$399.43B

Cash & Equivalents

$3.52B

Free Cash Flow

$7.55B

Financial Statements
Beta
Revenue$30.03B
SG&A Expenses$7.02B
Operating Expenses$24.18B
Operating Income$5.85B
Interest Expense$1.72B
Net Income$3.44B
EPS (Basic)$0.47
EPS (Diluted)$0.47
Shares Outstanding (Basic)7.19B
Shares Outstanding (Diluted)7.19B

Key Highlights

  • 1Total operating revenues slightly decreased by 0.4% to $30.03 billion, primarily due to a decline in equipment sales.
  • 2Operating income decreased by 2.6% to $5.85 billion, impacted by higher depreciation and amortization expenses related to network investments.
  • 3The Communications segment's revenue remained stable, with Mobility service revenue and Consumer Wireline broadband showing growth, while Business Wireline service revenue declined.
  • 4Mobility segment operating income increased by 3.1%, with service revenue growing 3.3% and ARPU up due to pricing actions.
  • 5Latin America segment revenue grew by 20.4% to $1.06 billion, driven by favorable foreign exchange and subscriber growth in Mexico.
  • 6Cash provided by operating activities increased to $7.55 billion from $6.68 billion in the prior year, supported by operational growth and improved working capital management.
  • 7Capital expenditures were $3.76 billion, focused on network investments including fiber and 5G deployment.

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