AT&T 1Q Profit Doubles to $2.8 Billion
Posted on: Tuesday, 24 April 2007, 12:00 CDT
By MICHELLE ROBERTS
SAN ANTONIO - Telecommunications heavyweight AT&T Inc. said Tuesday its profit doubled to $2.8 billion in the first three months of the year, its first full quarter since completing its acquisition of BellSouth.
The results reflected growth in wireless revenue, regional business and improved sales to business customers.
The earnings amounted to 45 cents per share for the period ended March 31, up from $1.4 billion, or 37 cents per share, a year ago.
Revenue rose to $28.97 billion from $15.76 billion a year ago.
Excluding merger-related costs, accounting changes and the previously announced sale of wireless assets, the company earned 65 cents per share, or 4 cents a share more than analysts surveyed by Thomson Financial forecast.
"We had an outstanding start to the year," said Chairman and Chief Executive Edward Whitacre Jr. "Merger integration is on track, volumes continue to be solid and we expanded margins in both wireless and wireline."
The first-quarter included $2 billion in integration and amortization costs associated with its acquisition of BellSouth and $301 million in merger-related accounting changes. The quarter also included a $409 million gain from a previously announced transaction with T-Mobile.
Its shares rose 13 cents to $39.90 in premarket trading.
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On the Net:
AT&T Inc.: http://www.att.com
Source: Associated Press/AP Online
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