DTE Deutsche Telekom AG

By Adria Calatayud

Deutsche Telekom raised its earnings outlook for 2023 for the third time this year after it reported a higher quarterly net profit thanks to lower integration costs from the merger of T-Mobile US and Sprint.

The German telecommunications company said Thursday it now expects adjusted earnings before interest, taxes, depreciation and amortization after leases for the full year to be about 41.1 billion euros ($44.02 billion) from around EUR41.00 billion previously. The company said the change reflects a strong third-quarter performance.

It now expects free cash flow after leases for the year to be more than EUR16.1 billion, up by EUR100 million from its previous guidance.

For the third quarter, Deutsche Telekom made a net profit of EUR1.92 billion compared with EUR1.58 billion for the same period last year, a change it attributed to planned reduction in integration costs in the U.S.

Revenue for the quarter fell to EUR27.56 billion from EUR28.98 billion. However, revenue rose 0.7% on an organic basis and excluding foreign-exchange fluctuations, driven by a 4.1% increase in service revenue.

Adjusted Ebitda after leases came in at EUR10.49 billion, little changed on year.

Analysts expected Deutsche Telekom to report adjusted Ebitda after leases of EUR10.37 billion and revenue of EUR27.56 billion, according to consensus estimates provided by the company.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 09, 2023 01:18 ET (06:18 GMT)

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