Why AT&T Stock Sank More Than 8%

Motley Fool2022-01-27

What happenedShares of telecommunications giant AT&T(NYSE:T)tumbled in Wednesday afternoon trading, despite the company reporting an earnings beat in the morning.Ahead of the fourth-quarter release, ...

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In fact, it beat on both the top and bottom lines. Revenue came in just under $41 billion, and AT&T earned $0.78 per share on a pro forma basis.At the close of trading, AT&T stock was down by about 8.4%.So whatWhile it's true that the company \"beat earnings,\" not all the news in the report was as good. For one thing, while revenue exceeded expectations, it was still down 10% year over year. Pro forma earnings, meanwhile, were ahead of expectations -- but only up 4% year over year.Also worth pointing out is the fact that AT&T's earnings looked worse when calculated according to generally accepted accounting principles (GAAP) than when reported according to AT&T's preferred, \"adjusted\" formula. GAAP profits for Q4 were actually only $0.69 per share -- significantly below the $0.78 per share headline figure.For the full year, AT&T's revenues declined 2% to $168.9 billion. Pro forma profits increased 7% to $3.40 per share. GAAP profits were $2.76 per share, versus a loss in 2020.Now whatAll that being said, AT&T did report $26.8 billion in free cash flow generated for the year. Even at a hefty $368 billion enterprise value, that works out to an enterprise-value-to-free-cash-flow ratio of only 14. With a dividend that yields a generous 7.9% at current share prices, I have to say that valuation sounds attractive ... if AT&T can manage to keep growing its business.The problem, however, is that AT&T does not seem to be planning to grow much -- not in 2022, at least. On the one hand, management's guidance for the coming year is for revenues to rise by a low-single-digit percentage. On the other hand, both earnings and free cash flow look set to decline. Management is forecasting adjusted earnings per share as low as $3.10 in 2022 -- potentially as much as a 9% decline. For free cash flow, AT&T is targeting only $23 billion -- a decline of 14%.Long story short, it was weak guidance for the year ahead that caused investors to sell off AT&T stock Wednesday, despite its Q4 earnings beat.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1172549968"}