AT&T Q1 Profit Tops Estimate

(RTTNews) - AT&T Inc. (T) reported net income for the first quarter of $3.7 billion or $0.70 per share, compared to $3.7 billion or $0.67 per share for the year-ago quarter.

Adjusting for $0.01 of Leap Wireless deal-related costs, earnings per share was $0.71 compared to an adjusted $0.64 in the prior year quarter.

Consolidated revenues for the first quarter rose 3.6% to $32.48 billion from $31.36 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.70 per share on revenue of $32.44 billion for the first quarter. Analysts' estimates typically excludes special items.

Looking forward, the company now expects full year 2014 revenue growth of 4% or greater, compared to its prior forecast of 2% to 3% growth. Analyst currently expects full year revenue growth of 2.70%.

The company expects full year 2014 adjusted earnings per share growth in the mid-single digit range including Leap operational pressure.