By Adria Calatayud

Deutsche Telekom on Thursday raised its adjusted earnings guidance for 2023 slightly after first-quarter net profit surged thanks to a large gain from the sale of a majority stake in its tower business completed earlier this year.

The German telecommunications giant said it now expects adjusted earnings before interest, taxes, depreciation and amortization after leases--a closely watched profitability metric--of around 40.9 billion euros ($44.92 billion) in 2023, up from the EUR40.8 billion it previously anticipated. The company said the change follows a guidance increase at T-Mobile US.

For the first quarter, Deutsche Telekom's adjusted Ebitda after leases was up 0.9% at EUR9.96 billion. Quarterly net profit surged to EUR15.36 billion from EUR3.95 billion in the year-earlier period, thanks to the sale of the stake in its tower business.

Net revenue for the quarter rose to EUR27.82 billion from EUR27.75 billion, with service revenue up 3.5%.

Analysts had expected Deutsche Telekom to report adjusted Ebitda after leases of EUR9.91 billion on revenue of EUR27.78 billion, according to consensus estimates provided by the company.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 11, 2023 01:18 ET (05:18 GMT)

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