AT&T Inc. (T) said Wednesday it had net income of $4.86 billion, or 66 cents a share, in the fourth quarter, down sharply from $19.04 billion, or $3.08 a share, in the year-earlier period, when it booked a large tax benefit. Adjusted per-share earnings came to 86 cents, matching the FactSet consensus. Revenue rose to $47.9 billion from $41.7 billion, just below the FactSet consensus of $48.5 billion. "Our top priority for 2018 and 2019 is reducing our debt and I couldn't be more pleased with how we closed the year," CEO Randall Stephenson said in a statement. "In 2018, we generated record free cash flow while investing at near-record levels." The company added 3.8 million wireless subscribers in the quarter, and more than 147,000 phone subscribers in the U.S. The company said it is backing its 2019 guidance, which includes the expectations of free cash flow in the $26 billion range. Shares were flat premarket but have fallen 18% in the last 12 months, while the S&P 500 has fallen 6.5%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 30, 2019 10:57 ET (15:57 GMT)
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