Shares of TV providers drop as AT&T warns of video losses
13 Октября, 2017, 09:06 | Author: Leticia Walters
Natural disasters are going to going to have an impact on Q3, AT&T (T -0.8%) says in an SEC filing, noting a $0.02 EPS impact coming from recent hurricanes and Mexican earthquakes. The carrier still reiterated its full-year 2017 guidance for mid-single digit adjusted earnings growth, adjusted consolidated operating margin expansion, capex of about United States dollars 22 billion, and free cash flow at the low end of the USD 18 billion range.
AT&T revealed damage to its network and other property plus the costs to restore services, along with revenue declines from waived charges, would shave nearly US$90mln from third quarter consolidated revenues, while reported pre-tax earnings would take a US$210mln hit, equivalent to around two cents a share.
Despite that, it left its full-year guidance unchanged.
AT&T, which is still awaiting final approval on its $85 billion merger with Time Warner, said it will lose 390,000 traditional video subscribers but gain 300,000 on its over-the-top digital service. 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 a year ago, even with the first and second quarters.
"The video net losses were driven by heightened competition in traditional pay TV markets and OTT services, hurricanes and our stricter credit standards", the company said in its filing.
The company continued to expand its postpaid smartphone base even with almost 900,000 fewer handset equipment upgrades, against the year before. This trend will however not affect gross adds and AT&T continues to see low postpaid phone churn levels.
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