AT&T’s outlook on consolidated results for 2018
AT&T (T), the second-largest wireless service provider in the United States, expects adjusted EPS (earnings per share) of $3.50 for 2018 on a stand-alone basis. That includes any impacts of tax reforms as well as the new revenue recognition standard.
AT&T expects FCF (free cash flow) and capex (capital expenditure) of $21 billion and $25 billion, respectively, in 2018. Its effective tax rate is expected to be 23% in 2018. The lower tax rate is expected to grow cash from operations by $3 billion in 2018 compared to pre-tax reform expectations.
Wall Street analysts anticipate AT&T’s adjusted EPS to increase 13.4% on a YoY (year-over-year) basis to $3.46 in 2018 compared to $3.05 a year ago in 2017.
As of the end of 4Q17, Verizon (VZ) is the largest player in the US wireless industry by subscribers. In this market, AT&T was the second-largest, T-Mobile (TMUS) was the third-largest, and Sprint (S) was the fourth-largest player by subscribers at the end of the same quarter.
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