Deutsche Bank Reports On AT&T 1Q Results

According to Deutsche Bank, AT&T T reported 1Q results that were mixed vs. consensus. Deutsche Bank said that key beats were in wireless revenue drivers such as post paid ARPU and net adds, both of which benefitted from 3.6M iPhone sales (+1M YoY despite the Verizon iPhone launch). “However, EBITDA margins missed in both wireless and wireline. While the wireless miss is consistent with strong smartphones sales the wireline miss was more of a surprise vs. consensus. EBITDA pressures were offset by D&A and affiliate income, which resulted in EPS in-line with consensus of $0.57.” AT&T closed yesterday at $30.13.