AT&T Q1 Profit, Revenue Beat Estimates

(RTTNews) - AT&T Inc. (T) Wednesday reported lower profit for the first quarter primarily impacted by lower revenues. However, earnings as well as revenue beat analysts' view. The telecommunications giant also provided full-year earnings outlook above the consensus estimates.

Net income was $3.4 billion or $0.47 per share, lower than $4.2 billion or $0.57 per share in the year-ago quarter.

Excluding one-time items, earnings were $0.55 per share, that beat the average estimate of 18 analysts polled by Thomson-Reuters of $0.50 per share. Analysts' estimates typically exclude special items.

Revenues for the first quarter were $30.0 billion, down 0.4 percent from $30.1 billion last year. The consensus estimate was for $28.65 billion.

Looking ahead, AT&T expects full-year adjusted EPS to be in the range of $2.15-$2.25. The Street expect the company to report earnings of $2.07 per share for the year.