Deutsche Telekom Raises 2021 Forecasts After 3Q Revenue Boost

   By Mauro Orru 
 

Deutsche Telekom AG posted higher revenue for the third quarter and raised its annual forecasts for the third time this year, citing contributions from T-Mobile US Inc. as well as its business outside the U.S.

The German telecommunications company said Friday that revenue climbed to 26.88 billion euros ($30.77 billion) from EUR26.39 billion for the third quarter last year.

Adjusted earnings before interest, taxes, depreciation and amortization after leases--a closely watched metric that measures operating earnings performance accounting for the adoption of IFRS 16 financial reporting standards--slipped to EUR9.66 billion from EUR9.69 billion.

Net profit increased to EUR889 million from EUR817 million.

Analysts had forecast revenue of about EUR27.15 billion, adjusted Ebitda after leases of EUR9.35 billion and a net profit of roughly EUR1.11 billion, according to company-provided consensus.

"Our businesses are performing even better than expected," Chief Executive Tim Hoettges said. "Following strong figures in the first nine months, we are setting the bar for 2021 a little higher," he said.

Deutsche Telekom now expects adjusted Ebitda after leases of around EUR38 billion for the year, up from previous forecasts of at least EUR37.2 billion.

It also expects free cash flow after leases of around EUR8.5 billion, instead of more than EUR8 billion as previously targeted.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

November 12, 2021 01:31 ET (06:31 GMT)

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