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2021-10-22
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AT&T Earnings Were Fine. Why Investors Still Hate Its Stock.<blockquote>美国电话电报公司的盈利很好。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>美国电话电报公司的盈利很好。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 年第三季度的业绩客观上不错，但多年来被烧伤的投资者不会那么容易被赢回。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，投资者群体对管理层带走股东的方式相当厌恶。这包括在不到十年的时间里进行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!”--也毫不讳言。“摩根大通的菲尔-库西克（Phil Cusick）对 AT&T 首席执行官约翰-斯坦基（John Stankey）说：”我认为每个人都对 AT&T 过去一年的业绩印象深刻。“我只想说，市场告诉你，投资者并不相信。”</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，第三季度每股收益为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，美国电话电报公司每股收益 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，比去年同期的 423 亿美元下降了 5.7%。2021 年第三季度的销售额包括与 DirecTV 和公司视频业务相关的 18 亿美元净收入，这两家公司于 8 月初在本季度分拆。如果从 2020 年第三季度排除该部门，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>不包括这些独立的电视业务，AT&T 调整后的息税折旧摊销前利润（Ebitda）为 126 亿美元，略低于华尔街一致的看涨期权，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>美国电话电报公司在第三季度真正表现良好的是无线用户方面，延续了最近的连胜势头。该公司表示，其净增加了 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，美国电话电报公司已经增加了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，而市场普遍的看涨期权为56万部。AT&T 还表示，上季度净增加了 24.9 万预付费用户，而分析师的平均预期为 16.25 万。</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 部后付费手机。这两个数字都远远领先于分析师的数字。</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>近几个月来，美国电话电报公司及其竞争对手一直在积极进行促销活动，导致后付费用户数量增加。他们为购买新苹果（AAPL）iPhone的新老客户提供高达1000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，这也可能是一个艰难的季度，该公司正在应对 8 月份客户数据遭到大范围黑客攻击的后果。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>美国电话电报公司正在剥离其华纳媒体子公司，并将其与Discovery（DISCA）合并，该交易将于明年年中完成。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，略低于预期。该部门的业务有线部门在本季度表现尤为疲软，被消费无线业务的强劲势头所抵消。</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 新战略的另一部分，计划投入数十亿美元的资本投资来扩大网络并赢得新客户。第三季度，互联网用户增长乏善可陈：该公司净增加了 5,700 个宽带用户，而市场普遍预期为 52,000 个。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 和华纳媒体曾是 AT&T 财报的中流砥柱，但随着 AT&T 准备剥离其娱乐资产，它们已成为投资者的副业。不过，在分拆过程中，华纳媒体似乎拥有了自己的股份。</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，全球用户数量已增长至 6940 万，与预期相符。管理层的年终目标是达到 7300 万订户。即将分离的华纳媒体部门带来了 84 亿美元的收入（略高于预期）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>“新街分析师乔纳森-卓别林（Jonathan Chaplin）在周四上午的报告发布后写道：”AT&T 声称自己是我们宇宙中最令人憎恨的股票和最受诋毁的管理团队。“.我们继续预计，随着 T-Mobile 和有线电视公司的崛起，AT&T 将陷入困境。不过，由于无线业务的净增长异常强劲，本季度的情况似乎并没有发生这种情况；不过，至少考虑到其他因素，投资者会对 AT&T 无线业务新发现的弹性给予多少信任，目前还不清楚。”</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>这 “其他一切 ”包括作为华纳媒体交易的一部分，即将进行的股息削减。AT&T 的大量收益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>有兴趣押注华纳兄弟探索公司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他们新娱乐公司股票--这些公司股票最初不会支付股息--这意味着交易后可能会更便宜。人们对 AT&T 对剩余电信公司的长期指导也持相当怀疑态度。华尔街分析师的数字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，与投资者之间还有差距需要缩小： “他在周四上午的看涨期权上说：”我们将继续努力一个季度地赢得你们的信任，交付的经营业绩表明我们的势头是真实和可持续的。即使对于一家股票交易市盈率仅为远期市盈率 8 倍、年股息仍为 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>美国电话电报公司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 年分红后下跌了约 3%，而标准普尔 500 指数的回报率为 22%。Verizon 股价在今年分红后下跌了 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>美国电话电报公司的盈利很好。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>美国电话电报公司的盈利很好。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 年第三季度的业绩客观上不错，但多年来被烧伤的投资者不会那么容易被赢回。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，投资者群体对管理层带走股东的方式相当厌恶。这包括在不到十年的时间里进行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!”--也毫不讳言。“摩根大通的菲尔-库西克（Phil Cusick）对 AT&T 首席执行官约翰-斯坦基（John Stankey）说：”我认为每个人都对 AT&T 过去一年的业绩印象深刻。“我只想说，市场告诉你，投资者并不相信。”</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，第三季度每股收益为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，美国电话电报公司每股收益 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，比去年同期的 423 亿美元下降了 5.7%。2021 年第三季度的销售额包括与 DirecTV 和公司视频业务相关的 18 亿美元净收入，这两家公司于 8 月初在本季度分拆。如果从 2020 年第三季度排除该部门，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>不包括这些独立的电视业务，AT&T 调整后的息税折旧摊销前利润（Ebitda）为 126 亿美元，略低于华尔街一致的看涨期权，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>美国电话电报公司在第三季度真正表现良好的是无线用户方面，延续了最近的连胜势头。该公司表示，其净增加了 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，美国电话电报公司已经增加了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，而市场普遍的看涨期权为56万部。AT&T 还表示，上季度净增加了 24.9 万预付费用户，而分析师的平均预期为 16.25 万。</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 部后付费手机。这两个数字都远远领先于分析师的数字。</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>近几个月来，美国电话电报公司及其竞争对手一直在积极进行促销活动，导致后付费用户数量增加。他们为购买新苹果（AAPL）iPhone的新老客户提供高达1000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，这也可能是一个艰难的季度，该公司正在应对 8 月份客户数据遭到大范围黑客攻击的后果。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>美国电话电报公司正在剥离其华纳媒体子公司，并将其与Discovery（DISCA）合并，该交易将于明年年中完成。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，略低于预期。该部门的业务有线部门在本季度表现尤为疲软，被消费无线业务的强劲势头所抵消。</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 新战略的另一部分，计划投入数十亿美元的资本投资来扩大网络并赢得新客户。第三季度，互联网用户增长乏善可陈：该公司净增加了 5,700 个宽带用户，而市场普遍预期为 52,000 个。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 和华纳媒体曾是 AT&T 财报的中流砥柱，但随着 AT&T 准备剥离其娱乐资产，它们已成为投资者的副业。不过，在分拆过程中，华纳媒体似乎拥有了自己的股份。</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，全球用户数量已增长至 6940 万，与预期相符。管理层的年终目标是达到 7300 万订户。即将分离的华纳媒体部门带来了 84 亿美元的收入（略高于预期）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>“新街分析师乔纳森-卓别林（Jonathan Chaplin）在周四上午的报告发布后写道：”AT&T 声称自己是我们宇宙中最令人憎恨的股票和最受诋毁的管理团队。“.我们继续预计，随着 T-Mobile 和有线电视公司的崛起，AT&T 将陷入困境。不过，由于无线业务的净增长异常强劲，本季度的情况似乎并没有发生这种情况；不过，至少考虑到其他因素，投资者会对 AT&T 无线业务新发现的弹性给予多少信任，目前还不清楚。”</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>这 “其他一切 ”包括作为华纳媒体交易的一部分，即将进行的股息削减。AT&T 的大量收益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>有兴趣押注华纳兄弟探索公司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他们新娱乐公司股票--这些公司股票最初不会支付股息--这意味着交易后可能会更便宜。人们对 AT&T 对剩余电信公司的长期指导也持相当怀疑态度。华尔街分析师的数字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，与投资者之间还有差距需要缩小： “他在周四上午的看涨期权上说：”我们将继续努力一个季度地赢得你们的信任，交付的经营业绩表明我们的势头是真实和可持续的。即使对于一家股票交易市盈率仅为远期市盈率 8 倍、年股息仍为 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>美国电话电报公司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 年分红后下跌了约 3%，而标准普尔 500 指数的回报率为 22%。Verizon 股价在今年分红后下跌了 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":847,"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,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/851895603"}
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