Telefonica Q4 earnings top forecasts as net profit triples

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica's (TEF) Q4 net profit more than tripled to €1.45B ($1.98B) from €473M a year earlier, when earnings were hit by hefty write-downs. The latest figure topped consensus of €1.16B.

Sales declined 8.9% to €14.43B vs expectations of €14.3B, with the fall partly due to revenue lost from asset sales and currency fluctuations in Latin America.

Operating profit before depreciation and amortization fell 8.7% to €4.98B but exceeded forecasts of €4.91B.

Latin American sales +9.6%, Europe -8.6%, again hurt by a price war in Spain.

Debt fell to €45.4B from €46.1B at the end of Q3 and came in below Telefonica's year-end target of €47B.

Telefonica left its dividend at €0.75 a share, which it will pay in shares and cash. (PR)

Telefonica's earnings come after it yesterday unveiled a €1.5B cost-savings program.