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Telefonica Q4 earnings top forecasts as net profit triples

  • 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.
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