AT&T to record $10b in charges for 4th quar­ter

The Pak Banker - - COMPANIES/BOSS -

AT&T Inc. (T) said its fourth-quar­ter re­sults will in­clude a pre­tax loss of $7.9 bil­lion to ac­count for changes in its pen­sion and re­tiree ben­e­fit plans.

The re­sults will also in­clude a $2.1 bil­lion non­cash charge be­cause cer­tain cop­per as­sets are no longer needed as cus­tomer de­mand de­clines for older voice and data prod­ucts, the Dal­las-based company said in a reg­u­la­tory fil­ing Fri­day. AT&T said its units' op­er­at­ing re­sults and mar­gins won't be af­fected.

The pen­sion ad­just­ments have be­come a reg­u­lar Jan­uary event be­fore fourth-quar­ter re­sults are an­nounced. Leav­ing out one-time items such as the pen­sion loss and as­set charge, profit will be 56 cents a share, up from 53 cents a year ear­lier, on rev­enue of $34.2 bil­lion, ac­cord­ing to the av­er­age of an­a­lysts' es­ti­mates com­piled by Bloomberg.

AT&T shares fell as much as 1.3 per­cent to $33.37 after U.S. mar­kets closed in New York. The company is sched­uled to re­port earn­ings re­sults on Jan. 27.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.