The $48.5 billion purchase should be approved by federal officials “at any time,” AT&T CFO John Stephens told analysts today in a conference call to discuss Q2 earnings. And the company is “more confident than ever” that the deal will “not only transform us, but transform the industry.”
But those hoping for more insight into the DirecTV transaction must continue to hold the phone: He warned that he won’t say much more about plans for using DirecTV until the deal closes.
The CFO did offer that AT&T is “very confident that we can make an adequate return,” even with the additional broadband investments it agreed to make to win federal approval — noted on Tuesday by FCC Chairman Tom Wheeler. He reiterated AT&T’s commitment to find $2.5 billion a year in “cost synergies.”
Net income attributable to AT&T in Q2 came in at $3.04 billion, down 14.2% vs the period last year, on revenues of $33.01 billion, up 1.4%. The revenue number was just a hair below the Street’s expectation for $33.04 billion. But adjusted earnings, at 69 cents a share, handily beat predictions of 63 cents.
The U-verse video service ended the quarter with 5.97 million customers, down 22,000.
AT&T shares were up about 2.5% in post market trading.