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AT&T Inc. on April 23 reported a 3.2% increase in first-quarter earnings, as lower costs offset a decline in revenue. The telecommunications giant also lowered its capital expenditures by $2 billion annually for the next two years.
AT&T earned $3.7 billion, or 67 cents per share, compared with $3.58 billion, or 60 cents per share, in the year-ago period.
But excluding an income tax settlement of 3 cents per share as well as the sale of its Advertising Solutions unit, AT&T would have earned 64 cents per share in the just-concluded quarter compared with 59 cents per share a year ago.
The FactSet consensus EPS...