Images By Tang Ming Tung/DigitalVision via Getty Images AT&T Inc. (NYSE:T) has just released earnings, and I wanted to review them to see if it's worthwhile buying this former dividend aristocrat at current prices or not. I'll make that determination by looking at the most recent financial statements, paying particular attention to the viability of the dividend, for obvious reasons. I'll then compare the stock to the risk-free rate to see if investors are being adequately compensated for the risk of stock o ...

文章核心观点 - AT&T 的财务状况正在好转,股价在过去一年内上涨了近30% [3][4] - AT&T 正在专注于核心通信业务,并成功减少了债务规模 [6][8][9] - AT&T 的自由现金流(FCF)持续增长,为未来的股息增长和股票回购提供了支持 [7][9][10][11] 公司表现总结 收入和利润 - 2024年Q2收入为298亿美元,略低于预期 [3][6] - 调整后EBITDA利润率从上年同期的36.9%上升至38% [7] - 移动业务和宽带业务的EBITDA均实现同比增长 [7] 用户增长 - 移动后付费用户净增160万,同比增长2.28% [6] - 光纤用户净增110万,同比增长14.29% [6] - 捆绑移动和光纤服务的用户占光纤用户的比例从34.9%增至39.5% [6] 现金流和债务 - 自由现金流同比增长8.7%至45.8亿美元 [7] - 过去一年内偿还了22.6亿美元长期债务和29.5亿美元资本租赁 [8] - 预计未来几年内可以继续大幅减少债务规模 [9][10][11]

Sundry Photography AT&T (NYSE:T) stock responded positively to the second quarter as cash flow again relieved fears that the first quarter really was seasonal, and the second half of the fiscal year would again have the major cash flow contribution. But this misses out on the main idea of management increasing efficiency and profitability. The market still has doubts about some very basic management forecasts. This indicates very low market expectations for the company. For investors, that means a lot o ...

业务表现 - 公司营收在第二季度和前六个月期间均有所下降，主要是由于业务线路部门服务收入和移动设备收入的下降，部分被移动服务、家庭宽带和墨西哥业务收入的增长所抵消[161] - 移动业务收入在第二季度和前六个月期间均有所增长，分别增长0.8%和0.4%[172] - 企业有线业务收入在第二季度和前六个月期间均有所下降，分别下降9.9%和8.9%，主要是由于对传统服务的需求下降和产品简化[176] - 家庭有线业务收入在第二季度和前六个月期间均有所增长，分别增长3.0%和3.2%，主要是由于宽带服务的增长[172] - 移动业务服务收入同比增长3.4%，设备收入同比下降8.0%[188] - 移动业务总收入同比增长0.8%[188] - 宽带净增加用户数在第二季度和前六个月期间均有所增加[209] - 宽带收入在第二季度和前六个月期间均有所增加,主要由于光纤用户增加以及之前的促销价格优惠带来的ARPU上升[211] - 传统语音和数据服务收入在第二季度和前六个月期间均有所下降,反映了这些服务需求的持续下降[212] - 其他服务和设备收入在第二季度和前六个月期间均有所下降,主要是由于VoIP用户数量的持续下降[213] - 墨西哥无线业务的服务收入和设备收入在第二季度和前六个月期间均有所增加,主要由于用户数量和ARPU的增长以及汇率的有利影响[222][223] 成本和利润 - 运营和支持费用在第二季度有所增加，主要是由于与网络现代化相关的重组费用增加480百万美元，这一增加被移动设备成本的下降和持续转型努力所抵消[162] - 折旧和摊销费用在第二季度和前六个月期间均有所增加，主要是由于无线网络设备的经济使用年限缩短以及持续的战略性资本支出[164] - 营业利润在第二季度和前六个月期间均有所下降，营业利润率从2023年的21.4%和20.7%分别下降至2024年的19.3%和19.4%[165] - 移动业务营业利润在第二季度和前六个月期间均有所增长，分别增长1.6%和2.4%[173] - 企业有线业务营业利润在第二季度和前六个月期间均有所下降，分别下降74.2%和78.6%[173] - 家庭有线业务营业利润在第二季度和前六个月期间均有所增长，分别增长9.5%和51.5%[173] - 移动业务运营支出同比下降2.5%，折旧和摊销费用同比增长16.6%[192,193] - 移动业务营业利润同比增长1.6%，营业利润率从32.6%提升至32.8%[194] - 移动业务EBITDA利润率从43.0%提升至44.9%[194] - 经营利润在第二季度和前六个月期间均有所增加,消费者有线电视业务的利润率和EBITDA利润率也有所提升[216] - 墨西哥无线业务的经营利润在第二季度和前六个月期间均有所改善,利润率和EBITDA利润率也有所提升[226] 用户情况 - 移动业务后付费用户净增加45.4万户，后付费手机用户净增加41.9万户[182,183] - 移动业务后付费用户和后付费手机用户的流失率均有所下降[186,190] 现金流和财务状况 - 现金流入主要来自经营活动现金收入、应收账款转让、发行商业票据和DIRECTV分配[241] - 前六个月经营活动产生的现金为16,640百万美元，较2023年同期增加[242] - 通过供应商融资计划优化现金使用,延长付款期限,2024年上半年减少现金流出约2,120百万美元[243] - 2024年上半年资本支出为8,118百万美元,加上1,391百万美元的供应商融资,总资本投资为9,509百万美元,较去年同期减少2,852百万美元[244,245] - 2024年上半年偿还长期债务6,910百万美元,其中包括美元债券3,915百万美元、欧元债券2,213百万美元和加元债券442百万美元[249,250] - 2024年6月30日总债务为126,253百万美元,其中外币债务32,113百万美元,加权平均利率约4.2%[251] - 2024年6月30日短期债务为5,249百万美元,加权平均利率约5.5%[252] - 2024年上半年支付股利4,133百万美元,每股0.5550美元[255,256] - 2024年6月30日资产负债率为51.8%,较2023年6月30日的54.8%有所下降[263] 监管和政策 - 公司正在积极应对监管环境的变化,包括应对净中立性规则的挑战以及参与政府基础设施计划[227][228][229][233][234]

文章核心观点 - 科技巨头公司的二季度财报不佳,拖累了整个股市表现 [1] - 餐饮、航空、医疗等行业也出现了财报不佳的情况,导致市场波动加剧 [2] - 这些财报不佳反映了一些公司正面临重大问题,短期内可能难以改善 [2] 特斯拉 - 特斯拉二季度财报表现糟糕,每股收益低于预期,电动车销售收入同比下降7% [4] - 特斯拉利润率从18.7%下降到14.4%,主要是由于销量下滑和竞争加剧,尤其在中国市场 [5] - 特斯拉为了刺激销售不得不降价和提供折扣,这进一步影响了公司的财务状况和利润率 [5] - 特斯拉在美国电动车市场份额首次跌破50%,呈下降趋势 [5] 美国电话电报公司(AT&T) - AT&T二季度财报低于华尔街预期,主要是光纤业务下滑所致 [7] - AT&T二季度每股收益为0.57美元,同比下降10% [7] - 尽管AT&T的有线电话用户连续两个季度好于预期,但光纤宽带用户增加仍低于预期 [8] - AT&T维持了全年指引,预计每股收益为2.15-2.25美元,宽带收入增长约7% [8] visa - 信用卡巨头visa二季度财报表现不佳,股价下跌4% [10] - 二季度visa的支付量增长7%,交易量增长10%,但均低于上一季度 [11] - 尽管业绩有所放缓,但visa重申了全年双位数收入增长的指引 [11]

AT&T and Verizon offer attractive dividend yields, but their financial health and growth prospects differ, presenting investors with a choice between AT&T's lower payout ratio and Verizon's stronger revenue growth.AT&T (T 5.22%) and Verizon Communications (VZ 2.01%) are two telecom giants favored by many income investors for their exceptionally high yields. These companies have been transforming their businesses, focusing on 5G wireless technology and fiber broadband expansion.Which of these high-yield divi ...

Customers are slow to upgrade devices, but AT&T is still gaining plenty of new subscribers.Coming a few days after a mixed earnings report from rival Verizon Communications, AT&T's (T 5.22%) second-quarter report suffered from a similar problem. Wireless customers have been slow to upgrade their smartphones, leading to lower equipment revenue for the wireless leaders.AT&T saw equipment revenue drop 5.8% year over year in the second quarter, enough to cause the company to miss analyst expectations. But unlik ...

文章核心观点 公司通过提供移动和宽带服务,获得并保留更多客户 [1][2][3][5] 公司业务表现 1) 第二季度新增后付费手机用户419,000,超过分析师预期 [2][3][4] 2) 后付费手机用户流失率下降,从0.79%降至0.70% [6][7] 3) 公司认为这是行业领先水平 [6] 4) 移动和宽带业务的融合有助于提高客户满意度和客户终身价值 [7][8] 公司策略 1) 加大光纤网络投资,带动移动业务增长 [4][5] 2) 提供相同的智能手机优惠政策给新老客户,有助于降低客户流失 [9] 3) 公司正在适应不断变化的安全环境,应对新的威胁 [10][11]

AT&T added new subscribers hand over fist in the second quarter, and free cash flow is rising.Shares of the telecommunications giant AT&T (T 4.92%) popped this morning after the company released second-quarter results showing strong subscriber growth and impressive free cash flow.AT&T's stock was up 4.9% as of 11:56 a.m. EDT.New subscribers and rising free cash flowAT&T's earnings and revenue were nothing to write home about this quarter. Sales fell slightly to $29.8 billion and were below analysts' consens ...

U.S. stocks traded lower toward the end of trading, with the S&P 500 falling around 100 points on Wednesday.The Dow traded down 0.82% to 40,025.48 while the NASDAQ fell 2.92% to 17,472.06. The S&P 500 also fell, dropping, 1.84% to 5,453.67.Check This Out: Jim Cramer Calls Axsome A ‘Double Or Nothing Stock,’ Says SAP Is ‘Incredible’ Leading and Lagging SectorsUtilities shares jumped by 0.8% on Wednesday.In trading on Wednesday, consumer discretionary shares fell by 3%.Top HeadlineShares of AT&T Inc. T rose a ...