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CHARTER COMMUNICATIONS, INC.

(CHTR)
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T-Mobile profit surges on $2.2 billion tax gain

02/08/2018 | 11:27am EDT

(Reuters) - T-Mobile US Inc's (>> T-Mobile US) quarterly profit jumped nearly sevenfold as the No. 3 U.S. wireless carrier recorded a $2.2 billion gain from recent changes in U.S. tax laws, but Wall Street analysts raised questions about the company's growth.

(Reuters) - T-Mobile US Inc's (>> T-Mobile US) quarterly profit jumped nearly sevenfold as the No. 3 U.S. wireless carrier recorded a $2.2 billion gain from recent changes in U.S. tax laws, but Wall Street analysts raised questions about the company's growth.

T-Mobile has been using lower prices and added perks to take market share from larger rivals Verizon Communications Inc (>> Verizon Communications) and AT&T Inc (>> AT&T) in a saturated market for wireless services. The company ended merger talks with rival Sprint Corp (>> Sprint Corp) late last year.

In 2018, T-Mobile said it expects to add between 2 million and 3 million subscribers who pay a monthly bill. Analysts called the numbers conservative.

"Management always guides conservatively," said Jonathan Chaplin, an analyst at New Street Research, in a research note. He noted that in 2017, T-Mobile exceeded the high end of its initial expectations on subscriber additions.

But Craig Moffett, an analyst at MoffettNathanson, said in a note that cable companies' entry into the wireless market posed concerns about future growth. Comcast Corp (>> Comcast Corporation) already sells mobile service and Charter Communications Inc (>> Charter Communications Inc) plans to enter the market.

"It is not unreasonable to think that the two cable operators could capture a third of all market growth," he wrote. "It is not unreasonable to assume that even go-go T-Mobile will see slower subscriber growth."

Shares were down 2.5 percent to $60.50 in mid-morning trading.

The company said it added 891,000 phone subscribers in the fourth quarter, compared with 933,000 a year earlier.

T-Mobile's net income was $2.71 billion, or $3.11 per share, in the quarter ended Dec. 31, up from $390 million, or 45 cents a share, a year earlier.

Excluding items, the company earned 48 cents per share.

Revenue rose 5.1 percent to $10.76 billion. Analysts, on average, were expecting revenue of $10.83 billion, according to Thomson Reuters I/B/E/S.

Last month, the wireless carrier said it had closed on its acquisition of Layer3 TV, a startup that has marketed itself as a next-generation cable service, for an undisclosed amount. It has plans to launch a new streaming service this year.

(Reporting by Anjali Athavaley in New York and Supantha Mukherjee in Bengaluru; Editing by Shounak Dasgupta and Marguerita Choy)


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
AT&T INC. 1.00% 28.29 Delayed Quote.-2.61%
CHARTER COMMUNICATIONS, INC. -1.17% 713.8 Delayed Quote.9.18%
COMCAST CORPORATION 0.22% 58.11 Delayed Quote.11.76%
SPRINT CORPORATION 0.00%End-of-day quote.0.00%
T-MOBILE US -0.34% 144.63 Delayed Quote.7.62%
VERIZON COMMUNICATIONS 0.47% 55.98 Delayed Quote.-4.34%
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Financials (USD)
Sales 2021 50 987 M - -
Net income 2021 3 976 M - -
Net Debt 2021 87 428 M - -
P/E ratio 2021 36,3x
Yield 2021 -
Capitalization 136 B 136 B -
EV / Sales 2021 4,39x
EV / Sales 2022 4,25x
Nbr of Employees 96 100
Free-Float 79,6%
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Number of Analysts 32
Last Close Price 722,26 $
Average target price 747,04 $
Spread / Average Target 3,43%
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Thomas M. Rutledge Chairman & Chief Executive Officer
John Bickham Vice Chairman, President & Chief Operating Officer
Christopher L. Winfrey Chief Financial Officer
Richard J. DiGeronimo Chief Product & Technology Officer
Stephanie Mitchko-Beale Chief Technology Officer & Executive VP
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