AT&T Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2017. For the quarter, the company reported total operating Revenue was $41,676 million against $41,841 million a year ago, primarily due to declines in legacy wireline services, wireless service revenues and domestic video, which were mostly offset by growth in wireless equipment and International. Compared with results for the fourth quarter of 2016, operating expenses were $41.3 billion versus $37.6 billion primarily due to a write-off of certain network assets and higher wireless equipment costs. Operating income was $359 million against $4,248 million a year ago. Loss before income taxes was $1,283 million against income before income taxes of $3,191 million a year ago. Net income was $19,136 million against $2,515 million a year ago. Diluted earnings per share attributable to company were $3.08 million against $0.39 million a year ago. Free cash flow was $4,801 million against $3,686 million a year ago. Fourth-quarter net income attributable to AT&T was $19.0 billion, or $3.08 per diluted share, and reflects the impact of the Tax Cuts and Jobs Act, compared to $2.4 billion, or $0.39 per diluted share, in the year-ago quarter. Capital expenditures were $5.1 billion. Purchase of property and equipment was $4,891 million against $6,233 million a year ago.

For the full year, the company reported total operating Revenue was $160,546 million against $163,786 million a year ago. Operating income was $20,949 million against $24,347 million a year ago. Income before income taxes was $15,139 million against $19,812 million a year ago. Net income was $29,847 million against $13,333 million a year ago. Net income attributable to AT&T reflects the impact of the new tax law and was $29.5 billion compared to $13.0 billion; and earnings per diluted share were $4.76, compared with $2.10. Diluted earnings per share attributable to company were $4.76 million against $2.1 million a year ago. Net cash provided by operating activities was $39,151 million against $39,344 million a year ago. Purchase of property and equipment was $20,647 million against $21,516 million a year ago. Free cash flow was $17,601 million against $16,936 million a year ago.

For the year 2018, the company expects capital expenditures approaching $25 billion; $23 billion net of expected FirstNet reimbursements and inclusive of $1 billion incremental tax reform investment.

For the fourth quarter of 2017, the company reported impairments of $33 million compared to $29 million a year ago.