AT&T Wireless Records Narrower-than-Expected Loss, Reaffirms Outlook
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Boston, Apr 23, 2002 (MidnightTrader via COMTEX) -- AT&T Wireless (AWE) reported this morning a Q1 loss of $0.01 per share, two cents narrower than expectations, but a decline from income of $0.01 per share reported in the year ago quarter. Revenue for the quarter was $3.355 billion, below the $3.5 billion expected by Wall Street, but an increase of 14.6 percent compared to $2.929 billion for the year-ago quarter.
The company also said it had 650,000 net subscriber additions for the first quarter, exceeding expectations.
Looking forward, AWE said it expects to grow its year-end subscriber base of 18 million by around 20 percent. For the first quarter, the company said its plan to front-end load customer additions was successful due to customer retention programs, continuing promotions, and its new mLife advertising campaign. As a result, the company said it expects to slow its net add growth for second quarter to about 550,000.
The company also reaffirmed the full-year 2002 guidance it provided on March 1 for mobility EBITDA and revenue, and capital expenditures. AT&T Wireless said it expects mobility EBITDA growth in the low to mid-20s, on a reported basis. Mobility revenues, on a reported basis, is expected to grow in the mid-teens. And capital expenditures for 2002 are expected to total $5.3 billion.
AWE is higher this morning on very thin Instinet volume.
Price: 8.50, Change: +0.40, Percent Change: +4.9% |
