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Telecommunications carrier AT&T announced consolidated revenues for the third quarter totaled $39.1 billion, up nearly 19% versus the year-earlier period largely due to the acquisition of DIRECTV. Compared with results for the third quarter of 2014, operating expenses were $33.2 billion versus $27.4 billion; operating income was $5.9 billion versus $5.6 billion; and operating income margin was 15.2%, down from 17.0% in the year-ago quarter.

By adding DirecTV’s revenue gave AT&T a huge income boost, but Stephens said the satellite broadcaster has already helped to improve EBITDA margins.

“We now have integrated solutions that are unlike any competitor in the market,” said Randall Stephenson, AT&T chairman and CEO. “With our national wireless and video capabilities, as well as our extensive broadband network, we now have assets that make us a unique competitor and the first scaled, fully-integrated U.S. service provider.

“We turned in outstanding financial results in the quarter. Our early integration efforts with DIRECTV are going very well and we’ve just begun to scratch the surface on the video, wireless and broadband cross-selling opportunities,” Stephenson added.

AT&T is a (synergistic?) mix of wireline, wireless, DBS, and international businesses. So its not very easy to get a reading on the individual businesses. But even if you felt that you could, where does this leave the direction of the company as a whole?

Interestingly, the section defining the various accounting terms used by AT&T (EBITA, Free Cash Flow, etc.) was longer than the actual information released.

Were the results good overall? Hard to say. But at the time of writing of this article, the DOW Jones was up 0.94% while shares of AT&T were down 0.60%. Evidently, share holders were clearly expecting better results.

For more details, about the results, see AT&T 2015Q3