Published: Fri, October 13, 2017
Money | By Armando Alvarado

AT&T lowers Q3 Guidance due to Natural Disasters

AT&T lowers Q3 Guidance due to Natural Disasters

Midway through the trading day, shares were down more than 4% to $36.60, within a buck and a half of their 52-week low.

The company said third-quarter revenues and earnings would be lower than expected as a result of several natural disasters during the period, including hurricanes and earthquakes. "Damage to our network and other property, costs to restore services, and revenue declines from waived charges will decrease our reported third-quarter 2017 consolidated revenues almost $90 million and our reported pre-tax earnings about $210 million, or $0.02 per diluted share".

Despite that, it left its full-year guidance unchanged. In a third-quarter media industry forecast released today, Doug Mitchelson of UBS said he expects pay-TV subscriptions overall to decline 0.9% in the quarter compared with the same period past year, even with the first and second quarters.

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The company reported C$2.77 earnings per share for the quarter, topping the Zacks' consensus estimate of C$2.69 by C$0.08. A value of 50-75 would signal a very strong trend, and a value of 75-100 would indicate an extremely strong trend.

The Dallas telecommunications giant disclosed in a Securities and Exchange Commission filing that it had added a net 300,000 customers to its DirecTV Now streaming service in the third quarter.

The telecom company blames tough competition, the impact from hurricanes and stricter credit standards for customers.

The mobile network operator continued to expand its post-paid smartphone base, despite seeing nearly 900,000 fewer handset equipment upgrades than in the year-ago third quarter. But it doesn't expect that trend to affect gross adds and it's continuing to expand its postpaid smartphone base.

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