AT&T
reaffirmed plans to invest heavily into expanding its fiber networks in an update to shareholders on Monday.
“The company remains focused on building vital, high-performance network infrastructure for both mobile and fiber networks,”
AT&T
said in the update. To support these efforts, AT&T continues to expect capital investment in 2024 if between $21 billion to $22 billion.
Chief Financial Officer Pascal Desroches had guided in January during the company’s fourth-quarter earnings call for this level of investment.
AT&T has invested about $145 billion in its wireless and wireline networks over the past five years.
AT&T
also reiterated that based on “fiber returns better than initial assumptions,” it could potentially pass an incremental 10 million to 15 million consumer and business fiber locations within its existing footprint.
The company also said it remains on track to achieve the financial guidance it provided during its fourth-quarter earnings report. On Jan. 24, the telecommunications company said it expects adjusted earnings of between $2.15 a share to $2.25 a share for 2024.
Shares of AT&T were down 0.5% Monday to $16.90. The stock has fallen 9.9% over the last 12 months.
AT&T’s update comes before Chief Operating Officer Jeff McElfresh is scheduled to appear at the Morgan Stanley Technology, Media and Telecom Conference on Monday at 1:15 p.m. Eastern time.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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