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T Preview: Earnings Likely to Get Flattened

By Steve Birenberg

 About this article:
 AT&T is expected to report flattish results vs. a year ago. EPS of 71 cents should match third-quarter 2007 on revenue of $31.3 billion, a gain of almost 4%. EPS would be up mid to upper single digits if it were not for dilution related to the iPhone subsidies. Given the rapid deceleration in some economic statistics that began in mid-September, investors will probably not be surprised to see the results come in slightly less than expected. For perspective, the low estimates call for EPS of 69 cents and revenue of $30.73 billion. On Monday, I published an overview of the cable and telco sectors, which addressed the big-picture issues facing the group. The article serves as a fine as a supplement to this preview. Current estimates call for flat results in the fourth quarter on a sequential basis. Guidance will play a big role in how the...

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