AT&T Q3 Earnings: Strong Postpaid Phone Adds, Adj. EBITDA Growth, $4.4B Impairment Charge And More
On Wednesday, AT&T Inc (NYSE:T) reported third-q uarter 2024 operating revenues of $30.21 billion, down 0.5% year over year. It marginally missed the analyst consensus estimate of $30.44 billion.
The slow recovery in smartphone purchases affected the topline performance, Bloomberg reports.
Adjusted EPS of $0.60 beat the estimate of $0.57. The stock gained after the print.
As per Bloomberg, AT&T’s 403,000 postpaid phone net adds a quashed consensus of 394.6 thousand.
In the Mobility segment, AT&T clocked 617 thousand wireless net adds, including 429 thousand postpaid phone net adds.
AT&T’s mobility segment saw a postpaid churn of 0.93% versus 0.95% a year ago.
The Consumer Wireline segment had 226 thousand AT&T Fiber net adds, falling short of the analyst consensus of 265.4 thousand due to adverse weather and work conditions in Southeast.
The company reported 135 thousand AT&T Internet Air net adds, lagging consensus of 147 thousand.
AT&T’s adjusted EBITDA of $11.59 billion was up from $11.20 billion a year ago. It spent $5.3 billion on Capex.
Net income plunged to $0.1 billion versus $3.8 billion in the year-ago quarter due to a $4.4 billion non-cash goodwill impairment associated with its Business Wireline unit.
The company generated $10.24 billion in operating cash flow (down from $10.34 billion in the year-ago quarter) and $5.095 billion in free cash flow (down from 5.182 billion last year).
Currently, AT&T’s dividend yield stands at 6.10%. Higher free cash flows could translate into shareholder returns through higher stock buybacks and dividends.
Prepaid churn was 2.73% compared to 2.78% in the year-ago quarter. Postpaid phone-only ARPU was $57.07, up 1.9% compared to the year-ago quarter.
Operating Income: Operating income was $2.12 billion versus $5.78 billion a year ago.
The mobility segment’s operating income was up 3.5% year over year to $7.00 billion, with a margin of 33.3% compared to 32.7% in the year-ago quarter.
The Business Wireline segment operating margin was (0.9)% compared to 6.7% in the year-ago quarter. The Consumer Wireline segment operating margin was 5.7% compared to 4.8% in the year-ago quarter.
FY24 Outlook: AT&T reiterated Wireless service revenue growth in the 3% range, Broadband revenue growth of 7%+, and adjusted EPS of $2.15 – $2.25 versus the $2.20 consensus.
Tanya Ragan to Serve as Subject Matter Expert for the 2024 CREW Development Competition
DALLAS, Oct. 23, 2024 /PRNewswire/ — Tanya Ragan, a leading voice in commercial real estate and the founder of Wildcat Management, will participate as a Subject Matter Expert (SME) for the 2024 CREW Development Competition. The event, hosted by CREW Dallas, will take place on October 24, 2024, at the Jackson Walker LLP office, located at KPMG Plaza Hall Arts Building in downtown Dallas. This competition offers a unique opportunity for high school girls from the Dallas ISD to learn about career paths within commercial real estate through hands-on experience and professional guidance.
The CREW Careers® program is a cornerstone of CREW Dallas’s efforts to introduce young women to the many career opportunities available in the commercial real estate industry. The competition will give students a real-world view of the industry by allowing them to tour a commercial property, work on redevelopment concepts, and present their ideas to a panel of judges. Each team, made up of eight students, will take on specific roles within the redevelopment project, such as Multifamily Developer, Leasing & Marketing for Office, Construction Manager, and more.
Ragan’s involvement with CREW is not new; she has been a dedicated member and supporter of both CREW Dallas and CREW Network for years. In March 2024, she spoke at the CREW Dallas Monthly Luncheon on the topic “Evolving Roles: Women in CRE,” where she shared her experiences and insights into how women can thrive and lead in the evolving commercial real estate landscape. In May 2024, Ms. Ragan took her advocacy national, speaking at ICSC Las Vegas on the CREW Network-sponsored panel “Women Dealmakers: Empowering Women to Do Business Their Way,” which focused on fostering female leadership and innovation in dealmaking.
As a Subject Matter Expert, Tanya Ragan will meet with her assigned team of students during the lunch session to provide insights and answer questions about their assigned roles. Drawing from her extensive experience in commercial real estate development and property management, Tanya will help the students refine their redevelopment concepts before they present to the judges later in the day. Ragan’s involvement will run from 11:45 AM to 3 PM, giving her plenty of time to engage with the students and offer them the benefit of her expertise.
For Ragan, this event is a natural extension of her ongoing efforts to empower the next generation of female leaders. Her recent participation as part of the 2024 GlobeSt Women of Influence Speaker Faculty further underscores her commitment to advancing women in the industry. Tanya has also been a vocal advocate for diversity and inclusion, using her platform to mentor young women and support their entry into traditionally male-dominated fields like CRE.
“I’m excited to participate in this event and guide these talented young women through the challenges and rewards of commercial real estate. It’s important for them to see that there are no limits to what they can achieve in this industry,” said Ragan
In addition to her professional achievements, Ragan remains deeply committed to giving back to the community. The CREW Development Competition is an extension of her broader mission to ensure that young women have the support, resources, and role models needed to pursue successful careers in commercial real estate.
Event Details:
Date: October 24, 2024
Time: 8 AM – 5 PM (Ragan’s time: 11:45 AM – 3 PM)
Location: Jackson Walker LLP, Hall Arts Building, 2323 Ross Ave #600, Dallas, TX 75201
For more information on the event, please click here, or visit dallas.crewnetwork.org
About Tanya Ragan: Tanya Ragan loves the spirit of competition, and the art of the deal. Ragan garnered the power of grit at an early age, paving the way for her famous “never-take-no-for-an-answer” spirit. Known for her business acumen, she travels the country sharing her message about entrepreneurship, female empowerment, business fashion, how to carry yourself authentically, and most of all – to live your life unapologetically. Her magnetic personality, fashion-forward style, and approachable manner provide a relatable mentor for all women. Ms. Ragan is the co-author of the best-selling book Blaze Your Own Trail, a multiple business award winner including the prestigious 2024 Globe Street Women of Influence Award, an honoree of Bisnow for Women Leading Real Estate, and is ranked in the Top 100 Commercial Real Estate Influencers by The Business Journal.
About Wildcat Management: Wildcat Management, led by Tanya Ragan, is a Dallas-based real estate development firm known for its commitment to revitalizing urban areas and creating dynamic, sustainable communities. With a track record of successful projects, Wildcat Management continues to set the standard for innovative and impactful development in the Dallas Fort Worth area and beyond.
Please note this release is intended to provide media outlets with all necessary information for immediate publication. Wildcat Management requests that any coverage of this announcement be accompanied by the provided images to ensure a consistent and accurate narrative.
For more information, please contact Monica Moreno Executive Manager at 469.882.8716 or mmoreno@wildcatmanagement.net
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Email: mmoreno@wildcatmanagement.net
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DJT stock extends gains after shares surge to highest level since July on bets Trump will win US election
Trump Media & Technology Group stock (DJT) extended gains on Wednesday, rising another 2% in premarket trading as investors bet on former President Donald Trump’s improved odds of winning the November election in less than two weeks.
The moves come after the stock hit its highest level since July on Tuesday, with shares closing up nearly 10%.
Shares in the company, the home of the Republican nominee’s social media platform Truth Social, have seen a recent surge as both domestic and overseas betting markets shift in favor of a Trump victory, with prediction sites like Polymarket, PredictIt, and Kalshi all showing Trump’s presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris.
National polls, however, show both candidates in an incredibly tight race, especially in key battleground states like Pennsylvania and Michigan, which are likely to decide the fate of the election.
The recovery in shares comes after the stock traded at its lowest level since the company’s debut following the expiration of its highly publicized lockup period last month. Shares had also been under pressure, as previous polling around early September saw Harris edging slightly ahead of the former president.
Trump’s recent campaign momentum, which just included a stop at a local Pennsylvania McDonald’s, follows an appearance by Elon Musk at his rally in Butler, Pa., earlier this month. It was the same location where the former president survived an assassination attempt in July.
Tech billionaire Musk, who serves as the CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support of Trump ahead of next month’s election. Trump has even said he would consider a Cabinet position for Musk but that the businessman likely would not be able to serve “with all the things he’s got going on.”
At the rally, Musk told the crowd that Trump is the only candidate who can “preserve democracy in America,” adding this will be “the last election” if Trump does not win.
Meanwhile, Harris has recently embarked on a flurry of media appearances in which she was pressed on how she would fund some of her proposals surrounding the economy and immigration.
Trump founded Truth Social after he was kicked off major social media apps like Facebook (META) and Twitter, now X, following the Jan. 6, 2021, Capitol riots. Trump has since been reinstated on those platforms. He officially returned to X in mid-August after about a year’s hiatus.
Volvo Cars reports Q3 2024 core operating profit of SEK 5.7 billion
- Q3 operating profit (excl. JVs and associates) was SEK 5.7 bn, vs SEK 6.1 bn in Q3 2023
- Q3 operating profit was 5.8 bn SEK, vs SEK 4.5 bn in Q3 2023
- Q3 EBIT margin (excl. JVs and associates) was 6.2 per cent, vs 6.7 per cent in Q3 2023
- Q3 EBIT margin was 6.2 per cent, vs 4.8 per cent in Q3 2023
- Q3 revenue was 93 bn SEK, vs 92 bn SEK in Q3 2023
- Q3 electrified share of sales at 48 per cent, vs 34 per cent in Q3 2023
- Q3 fully electric car sales share at 25 per cent, vs 13 per cent in Q3 2023
GOTHENBURG, Sweden, Oct. 23, 2024 /PRNewswire/ — Volvo Cars today reports a core operating profit (EBIT), excluding joint ventures and associates, of SEK 5.7 billion for the third quarter of 2024, versus SEK 6.1 bn for the same period in 2023.
Gross margins came in at 20.5 per cent for the third quarter, broadly in line with the company’s underlying operational gross margins for the first half of 2024. Revenues for the period amounted to SEK 93 billion and the core EBIT margin landed at 6.2 per cent. Free cash flow was around flat at SEK -0.4 billion.
As stated during its Capital Markets Day in September, Volvo Cars aims to outgrow the premium car market* and generate a core EBIT margin of 7-8 per cent as well as strong free cash flows from 2026 onwards. The company is determined to reach its ambitions and has a clear roadmap towards doing so.
However, achieving these ambitions will not be straightforward since the weakness in the market has recently accelerated – a fact also echoed in revised industry forecasts for 2024 and 2025 by third-party analysts. Overall industry demand continues to soften and is now affecting the premium segment.
“Our journey towards 2026 will not be linear, as our industry is facing an increasingly volatile environment,” says Jim Rowan, chief executive for Volvo Cars. “Macroeconomic headwinds are intensifying, as is geopolitical complexity. Despite these challenges we demonstrated resilience during the third quarter of 2024, which is reflected in our overall financial performance.”
Volvo Cars has grown faster than its premium peers this year. The company’s third-quarter sales rose by 3 per cent to 172,849 cars sold, with electrified models (fully electric and plug-in hybrid cars) representing 48 per cent of the total.
Volvo Cars’ electrified share was the highest for the premium car industry in Europe. For the first nine months, Volvo Cars sales increased by 10 per cent year-on-year. This gives the company a foundation to outgrow the premium car market in 2024, which is expected to grow by less than 1 per cent this year.
In Europe, Volvo Cars increased its market share to 2.4 per cent during the quarter, from 1.7 per cent in the same period last year, in an increasingly competitive market while retaining its premium pricing position. Although the market is softening, the company is encouraged by the strong performance of its balanced portfolio of fully electric (BEV) cars, plug-in (PHEVs) and mild hybrids. The EX30 remained among the best-selling EVs in Europe and the XC60 continues to be one of the most popular PHEVs in the region.
However, the car market in the company’s main regions of Europe, China and the US is increasingly under pressure which affects demand. Given this accelerating weakness in the market and Volvo Cars’ focus on safeguarding value over volume, the company expects minimal volume growth during the fourth quarter. As a result, it now anticipates full-year sales growth of 7-8 per cent, instead of its earlier forecast of 12-15 per cent.
Volvo Cars retained its premium position in China by focusing on price discipline, resulting in lower sales volumes. In the US, the performance of its electrified range remained solid, but here too the overall market has weakened. Lower interest rates may improve the situation over time in these markets and Volvo Cars continues to monitor developments and adapt accordingly.
Volvo Cars has actively adapted its sales and production plan to reduce inventory during the second half of the year. This is materialising according to plan, and the company remains focused on diligent inventory management. At the same time, it is also in the process of moving cars off its balance sheet in some European markets as part of its adjusted commercial approach.
The company is determined to safeguard value and cash, while working resolutely towards its 2026 ambitions. However, the revised full-year sales guidance of 7-8 per cent also affects Volvo Cars’ expectations for free cash flow for this year. While it continues to drive its free cash flows towards neutral for 2025 and strong from 2026, Volvo Cars now anticipates its full-year free cash flow to be single digit-negative in SEK bn for 2024, rather than neutral, due to the overall weakness in the market and resulting in lower sales expectations in the fourth quarter.
As the company reiterated during its Capital Markets Day, it is investing in new technologies, infrastructure and cars to ensure that it becomes a leader in next-generation mobility. Volvo Cars expects these planned investments to peak during the 2024-25 period. After this phase it plans to start generating strong free cash flows from 2026 onwards.
Looking ahead
Volvo Cars has five fully electric cars on the road, and five more in development. As previously communicated, it plans to start building the EX30 in its Ghent plant during the first half of 2025, with volumes ramping up in the second half.
The company also continues to invest in its hybrid cars, exemplified by the updated, ready-for-a-new-era version of the iconic XC90 plug-in hybrid SUV. By refreshing these and other hybrid models, Volvo Cars maintains a balanced product portfolio for the current marketplace. All this will allow it to outgrow the premium car market and take market share.
Volvo Cars is confident that this strong and balanced product portfolio will remain attractive going forward. Coupled with its premium brand positioning, this will help it to partly mitigate the effects of a weakening market.
The company expects the car industry to remain under pressure. Hence it is doubling down on actions to tackle these external challenges, to build an even more resilient company and further reinforce operational efficiencies.
The company’s internal cost efficiency initiative has already resulted in lower variable costs and remains a crucial focus area, and actions in this area will be accelerated. Improving cost efficiency is an ongoing exercise and a core part of how the company operates. Volvo Cars is looking at both investments as well as fixed and variable costs to lower its cost structure and free up cash.
“We cannot control the current geopolitical uncertainties and economic headwinds,” says Jim Rowan. “But we can navigate them with speed, purpose, and a clear focus. Our focus is more than ever on preserving cash while creating value – for our shareholders, customers and employees. We have proven before that we can handle challenges, and we will handle them again. Business is not a game of perfection, it is a game of progress. And despite current challenges, Volvo Cars is making progress. This is shown in our results, our technology, our talent, and ultimately our cars.”
* Volvo Cars’ ambition to outgrow the market entails outgrowing the premium car market from 2023 to 2026 on a CAGR basis.
Note to editors
- CEO Jim Rowan and CFO Johan Ekdahl will host a livestream on Volvo Cars’ Q3 2024 results for media, investors and analysts at 08:00 CEST today. The presentations will be held in English and followed by a Q&A session.
Link for livestream: https://live.volvocars.com
China-only link for livestream: https://live.volvocars.com.cn
It will be possible to ask questions during the Q&A session following the main presentation. To participate, you can either use the chat function online to type your question or you can call in. To call in, participants need to register via the link below and will then receive the dial-in details and individual PIN.
This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 23-10-2024 07:00 CET.
For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com
Volvo Cars Investor Relations
John Hernander
+46 31-793 94 00
investors@volvocars.com
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SOURCE Volvo Car AB (publ)
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TSMC Cuts Off Client After Discovering Chips Diverted to Huawei
(Bloomberg) — Taiwan Semiconductor Manufacturing Co. discovered this month that chips it made for a specific customer ended up with Huawei Technologies Co., a potential violation of US sanctions intended to sever the flow of technology to a Chinese national champion.
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TSMC halted shipments to the client around mid-October after it realized semiconductors fabricated for that entity had found their way into Huawei products, a person with direct knowledge of the matter said. The chipmaker has since notified the US and Taiwanese governments and is investigating the matter more thoroughly, the person said, asking not to be identified discussing a sensitive situation.
It’s unclear whether the TSMC client was acting on Huawei’s behalf, or where it’s based. But the incident sheds new light on reports that surfaced in past days, including from The Information, that Washington reached out to TSMC recently about whether the company had produced chips for the blacklisted Chinese company.
TSMC’s discovery raises questions about how Huawei, considered China’s best hope of ascending the semiconductor industry, got its hands on advanced chips. Research firm TechInsights recently discovered that Huawei’s latest AI servers contained processors made by TSMC, Nvidia Corp.’s most important manufacturing partner.
Huawei has been on a sanctions list since 2020 and is barred from doing business with TSMC and its chipmaking peers without a US government license. In the past year, Huawei has relied on local partner Semiconductor Manufacturing International Corp. for production, including a 7-nanometer chip unveiled last August in a Huawei smartphone.
But US officials have questioned SMIC’s ability to make 7-nm chips at scale. Huawei’s use of TSMC output for its latest AI chips may be a sign that reinforces that narrative. The Taiwanese chipmaker has said it stopped all shipments to Huawei after Sept. 15, 2020, which the company reiterated when asked about the TechInsights report.
A TSMC representative declined to comment on the latest development. A Huawei spokesperson had no immediate comment when contacted by Bloomberg News. On Tuesday, a US Commerce Department spokesperson said the agency’s Bureau of Industry and Security is “aware of reporting alleging potential violations of US export controls.”
Cat Victory Over Dogs? Popcat Rally Defies Dogecoin, Shiba Inu Decline, Coin's YTD Gains Skyrocket 15344%
Cat-themed Popcat (POPCAT) shrugged off declines in the meme coin space to emerge as one of the market’s biggest gainers on Tuesday.
What happened: The Solana SOL/USD–based coin rose 5.63% in the last 24 hours, becoming the second-best-performing cryptocurrency in the market.
The billion-dollar capitalization coin saw its trading volume surge 44% in the 24-hour interest, indicating significant demand.
POPCAT resisted a down-trending meme coin market, which saw established players like Dogecoin DOGE/USD and Shiba Inu DOGE/USD fall by 4.74% and 2.69%, respectively.
With a staggering year-to-date gain of 15344%, POPCAT was the cryptocurrency market’s biggest gainer in 2024.
POPCAT led the Solana meme coin frenzy this year. Other coins created on the network, like dogwifhat WIF/USD and cat in a dogs world (MEW) recorded gains of 1477% and 416%, respectively.
POPCAT’s defiance comes amid a sideways market as Bitcoin BTC/USD and Ethereum ETH/USD struggled to make a decisive upside breakout.
Price Action: At the time of writing, Bitcoin was exchanging hands at $66,962.86, down 0.51% in the last 24 hours, according to data from Benzinga Pro.
Image Via Flickr.
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