AT&T Q1 Profit Tops Estimate

(RTTNews) - AT&T Inc. (T) reported net income for the first quarter of $3.2 billion or $0.61 per share, compared to $3.7 billion or $0.70 per share for the year-ago quarter.

Adjusting for $0.03 for voluntary employee separations, $0.04 for merger and integration-related expenses, and a $0.05 gain from a tax item, adjusted earnings per share for the first quarter was $0.63, compared to $0.71 in the prior year quarter.

Total operating revenues for the first quarter rose 0.3% to $32.58 billion from $32.48 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.62 per share on revenue of $32.84 billion for the first quarter.

Postpaid churn was AT&T's best-ever first quarter at 1.02%. This compares to 1.07% in the year-ago quarter.

The company still expects the acquisition of DIRECTV to close in the second quarter of this year.