Shares of AT&T Inc. (T, Financial) fell almost 5% on Wednesday after announcing fourth-quarter results. The company posted earnings of 86 cents per share on $47.99 billion in revenue, reflecting 15.2% growth from the prior-year quarter.The company´s earnings were in line with estimates, but fell short of revenue expectations by $510 million.
“Our top priority for 2018 and 2019 is reducing our debt and I couldn’t be more pleased with how we closed the year," Chairman and CEO Randall Stephenson said. "In 2018, we generated record free cash flow while investing at near-record levels. Our dividend payout as a percent of free cash flow was 46% for the quarter and 60% for the year, allowing us to increase the dividend for the 35th consecutive year.”Â
Wireless revenues fell 2.1% year over year due to customers switching to lower-cost prepaid plans. Operating revenues per connected device declined 26% to $122 per device per month.
Shares of General Dynamics Corp. (GD, Financial) fell almost 3.5% on Wednesday after the company announced fourth-quarter earnings of $3.07 per share on revenue of $10.38 billion, a 25.4% year-over-year growth. The company beat earnings estimates by 8 cents and revenue expectations by $20 million.
By segment, Aerospace reported full-year revenue of $8.5 billion, with operating earnings of $1.5 billion and an operating margin of 17.6%. Combat Systems´ revenue was $6.2 billion, representing a 4.9% increase when compared to 2017. Operating earnings were $962 million and the operating margin was 15.4%. Information Technology´s revenue was $8.3 billion, up 87.5% over the previous year. Operating earnings were $608 million, up 63%. Mission Systems' revenue was $4.7 billion, up 5.5%. Operating earnings were $659 million, up 3.3%. The operating margin was 13.9%. Marine Systems´ revenue was $8.5 billion, up 6.2%. Operating earnings grew 11.1% to $761 million and the operating margin was 9%.
Shares of Amgen Inc. (AMGN, Financial) fell almost 4% after reporting fourth-quarter earnings of $3.42 per share on revenue of $6.23 billion, reflecting 7.4% year-over-year growth. The company managed to beat earnings estimates by 15 cents and revenue expectations by $390 million.
Looking ahead to 2019, the company expects revenue between $21.8 billion and $22.9 billion. It projects earnings per share between $13.10 and $14.30.
Disclosure:The author holds no positions in any stocks mentioned.
