This article is about AT&T’s ( NYSE:T ) plans and predictions through the year 2023. AT&T should be in an excellent position to increase free cash flow and see more share price growth in the coming year. AT&T’s performance in the coming year looks good based on the recent comments made by company leaders at an investor conference and the updated financial guidance for 2022. Because of this, I keep my Buy rating for AT&T stock .
AT&T Key Metrics
Before judging how AT&T will do in the coming year, it is essential to look at its most recent quarterly financial results and updated full-year management guidance.
Regarding AT&T’s most recent quarterly financial results, the company’s actual non-GAAP adjusted earnings per share, or EPS, of $0.68 beat Wall Street analysts’ consensus bottom-line projections of $0.62 by a factor of +10%.
Also, consensus data from S&P Capital IQ shows that AT&T’s postpaid phone net adds (AT&T’s most important operating metric) came to about 708,000 in the third quarter of this year, which was +26% more than the sell-side consensus estimate of 564,000.
AT&T’s Q3 2022 financial results press release mentions three things about its financial guidance for FY 2022 that are important for the company’s near-term prospects.
The company’s non-GAAP EPS forecast for 2022 went from $2.42 to $2.46 to at least $2.50. Second, AT&T kept its previous prediction that wireless service revenue would grow by 4.5% to 5% in 2022 but stressed that it should reach “the upper end” of this range of 4.5% to 5%. Third, the company says it should “meet or beat” its other “financial commitments (guidance) for the year.” These include numbers for free cash flow, non-GAAP adjusted EBITDA, and total revenue growth.
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