AT&T executives said at a Citi conference that the company's multiyear investment strategy has strengthened its network assets, reduced leverage and positioned its connectivity businesses for further growth. Chief Financial Officer Pascal Desroches said AT&T has invested more than $150 billion over the past five years and now has what he described as the nation's largest fiber broadband network and its strongest spectrum position to date, crediting the divestitures of DirecTV and Time Warner and a reduced dividend with enabling reinvestment in core operations. Desroches said the company has guided for double-digit earnings-per-share growth this year and plans to return about 100% of free cash flow to shareholders through dividends and share repurchases, and he reiterated guidance for 3% to 4% EBITDA growth this year, accelerating to more than 5% by 2028. Melissa Arnoldi, executive vice president and general manager of AT&T Business, said the segment's nearly 2% year-over-year advanced connectivity service-revenue growth in the second quarter marked an inflection point, with strategic wireline and wireless products now accounting for 80% of the AT&T Business portfolio, a mix reached about a year ahead of the timeframe previously discussed with investors. Desroches said AT&T expects by year-end it will no longer be required to offer copper service across more than 85% of its footprint and will be able to discontinue copper service in about 30% of its footprint, with a full exit from copper infrastructure expected by the end of the decade.
AT&T Inc.AT&T guided for double-digit EPS growth, 3-4% EBITDA growth, and plans to return ~100% of free cash flow via dividends and buybacks.
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