Alltel's earnings per share of $1.05 were up 35% from 3Q03, thanks to strong wireless and broadband growth

October 21, 2004

2 Min Read

LITTLE ROCK, Ark. -- ALLTEL (NYSE: AT - News) today announced that the company achieved strong results in the third quarter. Fully diluted earnings per share under Generally Accepted Accounting Principles (GAAP) was $1.05, a 35 percent increase from a year ago. Fully diluted earnings per share from current businesses was 92 cents, an 18 percent increase compared with a year ago.

Among the highlights for the third quarter:

  • Total revenues were $2.1 billion, a 3 percent increase from a year ago. Net income under GAAP was $323 million, a 33 percent increase. Net income from current businesses was $284 million, a 17 percent increase from a year ago.

  • Wireless revenues were $1.3 billion, a 7 percent increase from a year ago. Segment income was $288 million, a 7 percent increase, and post-pay churn improved to 1.8 percent, compared with 2.2 percent a year ago. Average revenue per wireless customer was the highest in four years at $49.36, a 1 percent increase from a year ago.

  • Wireline revenues remained level at $603 million. Segment income was $228 million, a 10 percent increase from a year ago. The company added more than 20,000 DSL customers for the fifth consecutive quarter and increased average revenue per wireline customer to $65.84, up 2 percent.

  • Equity free cash flow from current businesses was $323 million, a 23 percent increase from a year ago. Net cash provided from operations was $596 million, a 7 percent decrease from a year ago.

  • ALLTEL repurchased 4.85 million shares of stock for $264 million, increasing its repurchases for this year to 9.7 million shares at a cost of $507 million.



"ALLTEL delivered solid results in both our wireless and wireline businesses," said Scott Ford, ALLTEL president and chief executive officer. "Our focus on signing quality wireless customers was evident in the quarter as we reported more than 100,000 net post-pay customers and drove average revenue per customer to the highest level in four years. Broadband growth, combined with increases in our feature revenues and expense management, helped maintain margins in our wireline business."

Alltel Corp.

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