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2021-10-22
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AT&T Earnings Were Fine. Why Investors Still Hate Its Stock.<blockquote>AT&T的盈利不错。为什么投资者仍然讨厌它的股票。</blockquote>
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Why Investors Still Hate Its Stock.<blockquote>AT&T的盈利不错。为什么投资者仍然讨厌它的股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170113621","media":"Barrons","summary":"AT&T‘s third quarter of 2021 was objectively good but investors who have been burned over the years ","content":"<p> AT&T‘s third quarter of 2021 was objectively good but investors who have been burned over the years won’t be won back so easily. The telecom and media conglomerate’s stock fell after the report on Thursday.</p><p><blockquote>AT&T 2021年第三季度客观上不错，但多年来被烧伤的投资者不会那么容易赢回。周四报告发布后，这家电信和媒体集团的股价下跌。</blockquote></p><p> The company is in merger limbo, and there is considerable hate from the investor community for the ride that management has taken shareholders on. That includes a pair of enormous acquisitions and subsequent divestments in less than a decade, a coming dividend cut, strategic shifts, and poor stock returns over the years.</p><p><blockquote>该公司正处于合并的边缘，投资者界对管理层对股东采取的行动相当不满。这包括不到十年的两次大规模收购和随后的撤资、即将到来的股息削减、战略转变以及多年来糟糕的股票回报。</blockquote></p><p> Even the analysts on Thursday morning’s earnings call, normally a supportive group—“great quarter guys!”—didn’t mince words. “I think everybody has been pretty impressed with the results of AT&T over the last year,” J.P. Morgan’s Phil Cusick told AT&T CEO John Stankey. “I would only follow up that the market is telling you that investors don’t believe it.”</p><p><blockquote>就连周四上午的财报看涨期权上的分析师们，通常是一个支持团体——“伟大的季度伙计们！”——也没有拐弯抹角。“我认为每个人都对AT&T去年的业绩印象深刻，”摩根大通的菲尔·库西克(Phil Cusick)告诉AT&T首席执行官约翰·斯坦基(John Stankey)。“我只会跟进市场告诉你投资者不相信。”</blockquote></p><p> AT&T (ticker: T) said Thursday that it earned 82 cents per share in the third quarter, ahead of analysts’ average estimate of 64 cents and up from 39 cents in the year-ago period. Adjusted for one-time costs and benefits, AT&T brought in 87 cents per share, also ahead of the Wall Street consensus of 78 cents and the 76 cents earned in the same quarter a year ago.</p><p><blockquote>AT&T（股票代码：T）周四表示，第三季度每股收益82美分，高于分析师平均预期的64美分，高于去年同期的39美分。经一次性成本和收益调整后，AT&T每股盈利87美分，也高于华尔街普遍预期的78美分和去年同期的76美分。</blockquote></p><p> AT&T’s third-quarter revenue was $39.9 billion, below the average forecast of $40.6 billion and down 5.7% from $42.3 billion a year earlier. The third-quarter 2021 sales include a net $1.8 billion of revenues tied to DirecTV and the company’s video operations, which were spun off during the quarter in early August. Revenues were up 4.7% when excluding that unit from the 2020 third quarter.</p><p><blockquote>AT&T第三季度营收为399亿美元，低于平均预期的406亿美元，较上年同期的423亿美元下降5.7%。2021年第三季度的销售额包括与DirecTV和该公司视频业务相关的18亿美元净收入，这些业务于8月初在该季度剥离。如果不包括2020年第三季度该部门，收入增长了4.7%。</blockquote></p><p> Excluding those separated TV operations, AT&T’s adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, were $12.6 billion, just below the Wall Street consensus call but up 2.9% year over year. AT&T’s net income was $5.9 billion, versus the $4.5 billion average call among analysts. That was up 112% from the third quarter of 2020.</p><p><blockquote>不包括那些独立的电视业务，AT&T调整后的息税折旧摊销前利润（Ebitda）为126亿美元，略低于华尔街普遍预期的看涨期权，但同比增长2.9%。AT&T的净利润为59亿美元，而分析师的平均看涨期权为45亿美元。这比2020年第三季度增长了112%。</blockquote></p><p> Where AT&T really did well in the third quarter was on the wireless subscriber front, continuing a recent streak. The company said it added a net 1.2 million postpaid subscribers, while the average call on Wall Street was for 688,000. AT&T has now added 4.4 million wireless postpaid subscribers over the past four quarters.</p><p><blockquote>AT&T第三季度真正表现出色的是无线用户方面，延续了最近的连胜势头。该公司表示，净增加了120万后付费用户，而华尔街的平均看涨期权为68.8万。在过去的四个季度里，AT&T已经增加了440万无线后付费用户。</blockquote></p><p> In the third quarter, 928,000 of those were postpaid phones, versus the consensus call of 560,000. AT&T also said it added a net 249,000 prepaid subscribers last quarter, compared with analysts’ average estimate of 162,500.</p><p><blockquote>第三季度，其中92.8万部是后付费手机，而市场普遍认为的看涨期权为56万部。AT&T还表示，上季度预付费用户净增24.9万户，而分析师平均预期为16.25万户。</blockquote></p><p> Verizon Communications (VZ) reported on Wednesday, and said it added a net 699,000 postpaid subscribers including 429,000 postpaid phones. Both figures were well ahead of analysts’ numbers.</p><p><blockquote>Verizon Communications(VZ)周三发布报告称，该公司净增加了699,000名后付费用户，其中包括429,000部后付费电话。这两个数字都远高于分析师的数据。</blockquote></p><p> AT&T and its rivals have been active with promotional efforts in recent months, resulting in those elevated postpaid subscriber additions. They have offered subsidies of up to $1,000 for new and existing customers buying a new Apple (AAPL) iPhone.</p><p><blockquote>美国电话电报公司及其竞争对手近几个月来一直在积极开展促销活动，导致后付费用户增加。他们为购买新款苹果(AAPL)iPhone的新老客户提供高达1,000美元的补贴。</blockquote></p><p> It was also likely a difficult quarter for T-Mobile US (TMUS), which dealt with the fallout from a wide-ranging hack of its customer data in August. T-Mobile reports on Nov. 2.</p><p><blockquote>对于T-Mobile US(TMUS)来说，这也可能是一个困难的季度，该公司正在应对8月份客户数据遭到大范围黑客攻击的影响。T-Mobile 11月2日报道。</blockquote></p><p> AT&T is in the process of spinning off its WarnerMedia subsidiary and merging it with Discovery (DISCA), a deal that is set to close by the middle of next year. The remaining AT&T will resemble today’s company’s Communications segment.</p><p><blockquote>AT&T正在分拆其WarnerMedia子公司并将其与Discovery(DISCA)合并，该交易预计将于明年年中完成。剩下的AT&T将类似于今天公司的通信部门。</blockquote></p><p> That unit brought in $28.2 billion in revenue last quarter, slightly ahead of consensus, and $11.2 billion in Ebitda, which fell just short. The segment’s business wireline division was particularly weak in the quarter, offset by strength in consumer wireless.</p><p><blockquote>该部门上季度的收入为282亿美元，略高于市场预期，Ebitda为112亿美元，略低于市场预期。该部门的商业有线部门在本季度尤其疲软，但被消费无线业务的强劲所抵消。</blockquote></p><p> Growth in fiber broadband is another leg of AT&T’s new strategy, with billions of dollars of capital investment planned to expand its network and win new customers. In the third quarter, internet subscriber growth was underwhelming: The company added a net 5,700 broadband customers, versus the consensus of 52,000. That includes a smaller-than-expected 289,000 fiber adds and a larger-than-expected loss of 261,000 DSL customers.</p><p><blockquote>光纤宽带的增长是AT&T新战略的另一条腿，计划投入数十亿美元的资本投资来扩大其网络并赢得新客户。第三季度，互联网用户增长乏力：该公司净增加了5,700名宽带用户，而市场普遍预期为52,000名。其中包括低于预期的289,000个光纤新增和高于预期的261,000个DSL客户流失。</blockquote></p><p> HBO and WarnerMedia, once a mainstay of AT&T’s earnings report, has become something of a sideshow for investors as the company prepares to spin off its entertainment assets. Heading into that spinoff, though, WarnerMedia seems to be holdings its own.</p><p><blockquote>HBO和WarnerMedia曾经是AT&T财报的中流砥柱，但随着该公司准备剥离其娱乐资产，它们已经成为投资者的一个插曲。不过，在分拆之前，华纳媒体似乎拥有自己的资产。</blockquote></p><p> HBO Max launched in several international markets in the quarter, and grew to 69.4 million subscribers globally by the end of September, about matching estimates. Management has a year-end target of up to 73 million subscribers. The soon-to-be separated WarnerMedia segment brought in $8.4 billion in revenue—a hair better than estimates—and $2.2 billion in Ebitda, roughly in line with forecasts.</p><p><blockquote>HBO Max本季度在多个国际市场推出，截至9月底，全球订户数量增长至6940万，与预期大致相符。管理层的年终目标是用户数量达到7300万。即将分拆的华纳媒体部门带来了84亿美元的收入——略好于预期——和22亿美元的Ebitda，大致符合预期。</blockquote></p><p></p><p> “AT&T lays claim to the most hated stock and the most maligned management team in our universe,” wrote New Street analyst Jonathan Chaplin after the report on Thursday morning. “…We continue to expect AT&T to struggle as T-Mobile and cable rise. That certainly doesn’t seem to have happened this quarter though, with exceptionally strong net adds in wireless; however, it’s unclear how much credit investors will give AT&T for the newfound resilience in its wireless business, at least in light of everything else.”</p><p><blockquote>New Street分析师乔纳森·卓别林(Jonathan Chaplin)在周四上午的报告发布后写道：“AT&T声称拥有我们宇宙中最令人讨厌的股票和最受诽谤的管理团队。”“……我们仍然预计，随着T-Mobile和有线电视的崛起，AT&T将陷入困境。不过，由于无线业务的净增长异常强劲，本季度这种情况似乎肯定不会发生；然而，目前尚不清楚投资者会给予AT&T多少信用因为其无线业务新发现的弹性，至少考虑到其他一切。”</blockquote></p><p> That “everything else” includes a coming dividend cut as part of the WarnerMedia transaction. AT&T’s large constituency of income-investor shareholders doesn’t like that.</p><p><blockquote>作为华纳媒体交易的一部分，“其他一切”包括即将到来的股息削减。AT&T的大量收入投资者股东不喜欢这样。</blockquote></p><p> And growth-oriented investors who could be interested in betting on Warner Bros. Discovery’s streaming future won’t be buying AT&T stock today, instead waiting for the spinoff to close. Yield-focused investors could be eager sellers of their new entertainment company’s shares—which won’t initially pay a dividend—meaning they could be available cheaper after the transaction, the thinking goes. There is also considerable skepticism about AT&T’s long-term guidance for the remaining telecom company. Wall Street analysts’ numbers are generally below management’s targets.</p><p><blockquote>可能有兴趣押注华纳兄弟探索频道流媒体未来的成长型投资者今天不会购买AT&T股票，而是等待分拆完成。人们认为，注重收益的投资者可能会急于出售新娱乐公司的股票——这些股票最初不会支付股息——这意味着交易后可以以更便宜的价格购买这些股票。对于AT&T对剩余电信公司的长期指导也存在相当大的怀疑。华尔街分析师的数据普遍低于管理层的目标。</blockquote></p><p> CEO Stankey knows there is a gap to close with investors: “We continue to strive to earn your confidence one quarter at a time, delivering operating performance that shows our momentum is real and sustainable,” he said on Thursday morning’s call. That’s a tall task, even for a company with a stock trading at just 8 times forward earnings and still yielding 8% in dividends annually.</p><p><blockquote>首席执行官斯坦基知道与投资者之间存在差距：“我们将继续努力一个季度地赢得您的信心，提供的经营业绩表明我们的势头是真实且可持续的，”他在周四上午的看涨期权上表示。即使对于一家股票交易价格仅为预期市盈率8倍且每年股息收益率仍为8%的公司来说，这也是一项艰巨的任务。</blockquote></p><p> AT&T stock gave up an early gain on Thursday to fall 0.7%. It had lost about 3% after dividends in 2021 through Wednesday’s close, versus a 22% return for the S&P 500.Verizon stock has lost 5% after dividends this year and T-Mobile stock is down 10%.</p><p><blockquote>AT&T股价周四回吐早盘涨幅，下跌0.7%。截至周三收盘，该公司在2021年派息后下跌了约3%，而标准普尔500指数的回报率为22%。Verizon股价今年派息后下跌了5%，T-Mobile股价下跌了10%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AT&T Earnings Were Fine. Why Investors Still Hate Its Stock.<blockquote>AT&T的盈利不错。为什么投资者仍然讨厌它的股票。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAT&T Earnings Were Fine. Why Investors Still Hate Its Stock.<blockquote>AT&T的盈利不错。为什么投资者仍然讨厌它的股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-22 10:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p> AT&T‘s third quarter of 2021 was objectively good but investors who have been burned over the years won’t be won back so easily. The telecom and media conglomerate’s stock fell after the report on Thursday.</p><p><blockquote>AT&T 2021年第三季度客观上不错，但多年来被烧伤的投资者不会那么容易赢回。周四报告发布后，这家电信和媒体集团的股价下跌。</blockquote></p><p> The company is in merger limbo, and there is considerable hate from the investor community for the ride that management has taken shareholders on. That includes a pair of enormous acquisitions and subsequent divestments in less than a decade, a coming dividend cut, strategic shifts, and poor stock returns over the years.</p><p><blockquote>该公司正处于合并的边缘，投资者界对管理层对股东采取的行动相当不满。这包括不到十年的两次大规模收购和随后的撤资、即将到来的股息削减、战略转变以及多年来糟糕的股票回报。</blockquote></p><p> Even the analysts on Thursday morning’s earnings call, normally a supportive group—“great quarter guys!”—didn’t mince words. “I think everybody has been pretty impressed with the results of AT&T over the last year,” J.P. Morgan’s Phil Cusick told AT&T CEO John Stankey. “I would only follow up that the market is telling you that investors don’t believe it.”</p><p><blockquote>就连周四上午的财报看涨期权上的分析师们，通常是一个支持团体——“伟大的季度伙计们！”——也没有拐弯抹角。“我认为每个人都对AT&T去年的业绩印象深刻，”摩根大通的菲尔·库西克(Phil Cusick)告诉AT&T首席执行官约翰·斯坦基(John Stankey)。“我只会跟进市场告诉你投资者不相信。”</blockquote></p><p> AT&T (ticker: T) said Thursday that it earned 82 cents per share in the third quarter, ahead of analysts’ average estimate of 64 cents and up from 39 cents in the year-ago period. Adjusted for one-time costs and benefits, AT&T brought in 87 cents per share, also ahead of the Wall Street consensus of 78 cents and the 76 cents earned in the same quarter a year ago.</p><p><blockquote>AT&T（股票代码：T）周四表示，第三季度每股收益82美分，高于分析师平均预期的64美分，高于去年同期的39美分。经一次性成本和收益调整后，AT&T每股盈利87美分，也高于华尔街普遍预期的78美分和去年同期的76美分。</blockquote></p><p> AT&T’s third-quarter revenue was $39.9 billion, below the average forecast of $40.6 billion and down 5.7% from $42.3 billion a year earlier. The third-quarter 2021 sales include a net $1.8 billion of revenues tied to DirecTV and the company’s video operations, which were spun off during the quarter in early August. Revenues were up 4.7% when excluding that unit from the 2020 third quarter.</p><p><blockquote>AT&T第三季度营收为399亿美元，低于平均预期的406亿美元，较上年同期的423亿美元下降5.7%。2021年第三季度的销售额包括与DirecTV和该公司视频业务相关的18亿美元净收入，这些业务于8月初在该季度剥离。如果不包括2020年第三季度该部门，收入增长了4.7%。</blockquote></p><p> Excluding those separated TV operations, AT&T’s adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, were $12.6 billion, just below the Wall Street consensus call but up 2.9% year over year. AT&T’s net income was $5.9 billion, versus the $4.5 billion average call among analysts. That was up 112% from the third quarter of 2020.</p><p><blockquote>不包括那些独立的电视业务，AT&T调整后的息税折旧摊销前利润（Ebitda）为126亿美元，略低于华尔街普遍预期的看涨期权，但同比增长2.9%。AT&T的净利润为59亿美元，而分析师的平均看涨期权为45亿美元。这比2020年第三季度增长了112%。</blockquote></p><p> Where AT&T really did well in the third quarter was on the wireless subscriber front, continuing a recent streak. The company said it added a net 1.2 million postpaid subscribers, while the average call on Wall Street was for 688,000. AT&T has now added 4.4 million wireless postpaid subscribers over the past four quarters.</p><p><blockquote>AT&T第三季度真正表现出色的是无线用户方面，延续了最近的连胜势头。该公司表示，净增加了120万后付费用户，而华尔街的平均看涨期权为68.8万。在过去的四个季度里，AT&T已经增加了440万无线后付费用户。</blockquote></p><p> In the third quarter, 928,000 of those were postpaid phones, versus the consensus call of 560,000. AT&T also said it added a net 249,000 prepaid subscribers last quarter, compared with analysts’ average estimate of 162,500.</p><p><blockquote>第三季度，其中92.8万部是后付费手机，而市场普遍认为的看涨期权为56万部。AT&T还表示，上季度预付费用户净增24.9万户，而分析师平均预期为16.25万户。</blockquote></p><p> Verizon Communications (VZ) reported on Wednesday, and said it added a net 699,000 postpaid subscribers including 429,000 postpaid phones. Both figures were well ahead of analysts’ numbers.</p><p><blockquote>Verizon Communications(VZ)周三发布报告称，该公司净增加了699,000名后付费用户，其中包括429,000部后付费电话。这两个数字都远高于分析师的数据。</blockquote></p><p> AT&T and its rivals have been active with promotional efforts in recent months, resulting in those elevated postpaid subscriber additions. They have offered subsidies of up to $1,000 for new and existing customers buying a new Apple (AAPL) iPhone.</p><p><blockquote>美国电话电报公司及其竞争对手近几个月来一直在积极开展促销活动，导致后付费用户增加。他们为购买新款苹果(AAPL)iPhone的新老客户提供高达1,000美元的补贴。</blockquote></p><p> It was also likely a difficult quarter for T-Mobile US (TMUS), which dealt with the fallout from a wide-ranging hack of its customer data in August. T-Mobile reports on Nov. 2.</p><p><blockquote>对于T-Mobile US(TMUS)来说，这也可能是一个困难的季度，该公司正在应对8月份客户数据遭到大范围黑客攻击的影响。T-Mobile 11月2日报道。</blockquote></p><p> AT&T is in the process of spinning off its WarnerMedia subsidiary and merging it with Discovery (DISCA), a deal that is set to close by the middle of next year. The remaining AT&T will resemble today’s company’s Communications segment.</p><p><blockquote>AT&T正在分拆其WarnerMedia子公司并将其与Discovery(DISCA)合并，该交易预计将于明年年中完成。剩下的AT&T将类似于今天公司的通信部门。</blockquote></p><p> That unit brought in $28.2 billion in revenue last quarter, slightly ahead of consensus, and $11.2 billion in Ebitda, which fell just short. The segment’s business wireline division was particularly weak in the quarter, offset by strength in consumer wireless.</p><p><blockquote>该部门上季度的收入为282亿美元，略高于市场预期，Ebitda为112亿美元，略低于市场预期。该部门的商业有线部门在本季度尤其疲软，但被消费无线业务的强劲所抵消。</blockquote></p><p> Growth in fiber broadband is another leg of AT&T’s new strategy, with billions of dollars of capital investment planned to expand its network and win new customers. In the third quarter, internet subscriber growth was underwhelming: The company added a net 5,700 broadband customers, versus the consensus of 52,000. That includes a smaller-than-expected 289,000 fiber adds and a larger-than-expected loss of 261,000 DSL customers.</p><p><blockquote>光纤宽带的增长是AT&T新战略的另一条腿，计划投入数十亿美元的资本投资来扩大其网络并赢得新客户。第三季度，互联网用户增长乏力：该公司净增加了5,700名宽带用户，而市场普遍预期为52,000名。其中包括低于预期的289,000个光纤新增和高于预期的261,000个DSL客户流失。</blockquote></p><p> HBO and WarnerMedia, once a mainstay of AT&T’s earnings report, has become something of a sideshow for investors as the company prepares to spin off its entertainment assets. Heading into that spinoff, though, WarnerMedia seems to be holdings its own.</p><p><blockquote>HBO和WarnerMedia曾经是AT&T财报的中流砥柱，但随着该公司准备剥离其娱乐资产，它们已经成为投资者的一个插曲。不过，在分拆之前，华纳媒体似乎拥有自己的资产。</blockquote></p><p> HBO Max launched in several international markets in the quarter, and grew to 69.4 million subscribers globally by the end of September, about matching estimates. Management has a year-end target of up to 73 million subscribers. The soon-to-be separated WarnerMedia segment brought in $8.4 billion in revenue—a hair better than estimates—and $2.2 billion in Ebitda, roughly in line with forecasts.</p><p><blockquote>HBO Max本季度在多个国际市场推出，截至9月底，全球订户数量增长至6940万，与预期大致相符。管理层的年终目标是用户数量达到7300万。即将分拆的华纳媒体部门带来了84亿美元的收入——略好于预期——和22亿美元的Ebitda，大致符合预期。</blockquote></p><p></p><p> “AT&T lays claim to the most hated stock and the most maligned management team in our universe,” wrote New Street analyst Jonathan Chaplin after the report on Thursday morning. “…We continue to expect AT&T to struggle as T-Mobile and cable rise. That certainly doesn’t seem to have happened this quarter though, with exceptionally strong net adds in wireless; however, it’s unclear how much credit investors will give AT&T for the newfound resilience in its wireless business, at least in light of everything else.”</p><p><blockquote>New Street分析师乔纳森·卓别林(Jonathan Chaplin)在周四上午的报告发布后写道：“AT&T声称拥有我们宇宙中最令人讨厌的股票和最受诽谤的管理团队。”“……我们仍然预计，随着T-Mobile和有线电视的崛起，AT&T将陷入困境。不过，由于无线业务的净增长异常强劲，本季度这种情况似乎肯定不会发生；然而，目前尚不清楚投资者会给予AT&T多少信用因为其无线业务新发现的弹性，至少考虑到其他一切。”</blockquote></p><p> That “everything else” includes a coming dividend cut as part of the WarnerMedia transaction. AT&T’s large constituency of income-investor shareholders doesn’t like that.</p><p><blockquote>作为华纳媒体交易的一部分，“其他一切”包括即将到来的股息削减。AT&T的大量收入投资者股东不喜欢这样。</blockquote></p><p> And growth-oriented investors who could be interested in betting on Warner Bros. Discovery’s streaming future won’t be buying AT&T stock today, instead waiting for the spinoff to close. Yield-focused investors could be eager sellers of their new entertainment company’s shares—which won’t initially pay a dividend—meaning they could be available cheaper after the transaction, the thinking goes. There is also considerable skepticism about AT&T’s long-term guidance for the remaining telecom company. Wall Street analysts’ numbers are generally below management’s targets.</p><p><blockquote>可能有兴趣押注华纳兄弟探索频道流媒体未来的成长型投资者今天不会购买AT&T股票，而是等待分拆完成。人们认为，注重收益的投资者可能会急于出售新娱乐公司的股票——这些股票最初不会支付股息——这意味着交易后可以以更便宜的价格购买这些股票。对于AT&T对剩余电信公司的长期指导也存在相当大的怀疑。华尔街分析师的数据普遍低于管理层的目标。</blockquote></p><p> CEO Stankey knows there is a gap to close with investors: “We continue to strive to earn your confidence one quarter at a time, delivering operating performance that shows our momentum is real and sustainable,” he said on Thursday morning’s call. That’s a tall task, even for a company with a stock trading at just 8 times forward earnings and still yielding 8% in dividends annually.</p><p><blockquote>首席执行官斯坦基知道与投资者之间存在差距：“我们将继续努力一个季度地赢得您的信心，提供的经营业绩表明我们的势头是真实且可持续的，”他在周四上午的看涨期权上表示。即使对于一家股票交易价格仅为预期市盈率8倍且每年股息收益率仍为8%的公司来说，这也是一项艰巨的任务。</blockquote></p><p> AT&T stock gave up an early gain on Thursday to fall 0.7%. It had lost about 3% after dividends in 2021 through Wednesday’s close, versus a 22% return for the S&P 500.Verizon stock has lost 5% after dividends this year and T-Mobile stock is down 10%.</p><p><blockquote>AT&T股价周四回吐早盘涨幅，下跌0.7%。截至周三收盘，该公司在2021年派息后下跌了约3%，而标准普尔500指数的回报率为22%。Verizon股价今年派息后下跌了5%，T-Mobile股价下跌了10%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/att-stock-earnings-51634813994?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"At&T"},"source_url":"https://www.barrons.com/articles/att-stock-earnings-51634813994?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170113621","content_text":"AT&T‘s third quarter of 2021 was objectively good but investors who have been burned over the years won’t be won back so easily. The telecom and media conglomerate’s stock fell after the report on Thursday.\nThe company is in merger limbo, and there is considerable hate from the investor community for the ride that management has taken shareholders on. That includes a pair of enormous acquisitions and subsequent divestments in less than a decade, a coming dividend cut, strategic shifts, and poor stock returns over the years.\nEven the analysts on Thursday morning’s earnings call, normally a supportive group—“great quarter guys!”—didn’t mince words. “I think everybody has been pretty impressed with the results of AT&T over the last year,” J.P. Morgan’s Phil Cusick told AT&T CEO John Stankey. “I would only follow up that the market is telling you that investors don’t believe it.”\n\nAT&T (ticker: T) said Thursday that it earned 82 cents per share in the third quarter, ahead of analysts’ average estimate of 64 cents and up from 39 cents in the year-ago period. Adjusted for one-time costs and benefits, AT&T brought in 87 cents per share, also ahead of the Wall Street consensus of 78 cents and the 76 cents earned in the same quarter a year ago.\nAT&T’s third-quarter revenue was $39.9 billion, below the average forecast of $40.6 billion and down 5.7% from $42.3 billion a year earlier. The third-quarter 2021 sales include a net $1.8 billion of revenues tied to DirecTV and the company’s video operations, which were spun off during the quarter in early August. Revenues were up 4.7% when excluding that unit from the 2020 third quarter.\nExcluding those separated TV operations, AT&T’s adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, were $12.6 billion, just below the Wall Street consensus call but up 2.9% year over year. AT&T’s net income was $5.9 billion, versus the $4.5 billion average call among analysts. That was up 112% from the third quarter of 2020.\nWhere AT&T really did well in the third quarter was on the wireless subscriber front, continuing a recent streak. The company said it added a net 1.2 million postpaid subscribers, while the average call on Wall Street was for 688,000. AT&T has now added 4.4 million wireless postpaid subscribers over the past four quarters.\nIn the third quarter, 928,000 of those were postpaid phones, versus the consensus call of 560,000. AT&T also said it added a net 249,000 prepaid subscribers last quarter, compared with analysts’ average estimate of 162,500.\nVerizon Communications (VZ) reported on Wednesday, and said it added a net 699,000 postpaid subscribers including 429,000 postpaid phones. Both figures were well ahead of analysts’ numbers.\nAT&T and its rivals have been active with promotional efforts in recent months, resulting in those elevated postpaid subscriber additions. They have offered subsidies of up to $1,000 for new and existing customers buying a new Apple (AAPL) iPhone.\nIt was also likely a difficult quarter for T-Mobile US (TMUS), which dealt with the fallout from a wide-ranging hack of its customer data in August. T-Mobile reports on Nov. 2.\nAT&T is in the process of spinning off its WarnerMedia subsidiary and merging it with Discovery (DISCA), a deal that is set to close by the middle of next year. The remaining AT&T will resemble today’s company’s Communications segment.\nThat unit brought in $28.2 billion in revenue last quarter, slightly ahead of consensus, and $11.2 billion in Ebitda, which fell just short. The segment’s business wireline division was particularly weak in the quarter, offset by strength in consumer wireless.\nGrowth in fiber broadband is another leg of AT&T’s new strategy, with billions of dollars of capital investment planned to expand its network and win new customers. In the third quarter, internet subscriber growth was underwhelming: The company added a net 5,700 broadband customers, versus the consensus of 52,000. That includes a smaller-than-expected 289,000 fiber adds and a larger-than-expected loss of 261,000 DSL customers.\nHBO and WarnerMedia, once a mainstay of AT&T’s earnings report, has become something of a sideshow for investors as the company prepares to spin off its entertainment assets. Heading into that spinoff, though, WarnerMedia seems to be holdings its own.\nHBO Max launched in several international markets in the quarter, and grew to 69.4 million subscribers globally by the end of September, about matching estimates. Management has a year-end target of up to 73 million subscribers. The soon-to-be separated WarnerMedia segment brought in $8.4 billion in revenue—a hair better than estimates—and $2.2 billion in Ebitda, roughly in line with forecasts.\n“AT&T lays claim to the most hated stock and the most maligned management team in our universe,” wrote New Street analyst Jonathan Chaplin after the report on Thursday morning. “…We continue to expect AT&T to struggle as T-Mobile and cable rise. That certainly doesn’t seem to have happened this quarter though, with exceptionally strong net adds in wireless; however, it’s unclear how much credit investors will give AT&T for the newfound resilience in its wireless business, at least in light of everything else.”\nThat “everything else” includes a coming dividend cut as part of the WarnerMedia transaction. AT&T’s large constituency of income-investor shareholders doesn’t like that.\nAnd growth-oriented investors who could be interested in betting on Warner Bros. Discovery’s streaming future won’t be buying AT&T stock today, instead waiting for the spinoff to close. Yield-focused investors could be eager sellers of their new entertainment company’s shares—which won’t initially pay a dividend—meaning they could be available cheaper after the transaction, the thinking goes. There is also considerable skepticism about AT&T’s long-term guidance for the remaining telecom company. Wall Street analysts’ numbers are generally below management’s targets.\nCEO Stankey knows there is a gap to close with investors: “We continue to strive to earn your confidence one quarter at a time, delivering operating performance that shows our momentum is real and sustainable,” he said on Thursday morning’s call. That’s a tall task, even for a company with a stock trading at just 8 times forward earnings and still yielding 8% in dividends annually.\nAT&T stock gave up an early gain on Thursday to fall 0.7%. It had lost about 3% after dividends in 2021 through Wednesday’s close, versus a 22% return for the S&P 500.Verizon stock has lost 5% after dividends this year and T-Mobile stock is down 10%.","news_type":1,"symbols_score_info":{"T":0.9}},"isVote":1,"tweetType":1,"viewCount":629,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/851895603"}
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