FBR Capital believes the comments AT&T (T) filed with the FCC this week regarding its application to acquire DirecTV (DTV) bode well for Dycom (DY) and other plant contractors assisting with fiber deployment construction activities. FBR views the comments as confirming an acceleration of FTTP investment following the merger close. The firm keeps an Outperform rating on Dycom.
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Reports Q1 revenue $30B, consensus $28.65B. Reports Q1 349,000 postpaid phone net adds. "Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," said John Stankey, AT&T CEO. "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance."