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AT&T faces $10 billion pension charge, other costs
Posted: 18-Jan-2013 [Source: Reuters]

[AT&T takes a fourth quarter pension liability charge of over $10B siting economic uncertainties.]

New York -- "AT&T Inc warned on Thursday that it will take a fourth quarter charge of about $10 billion due to bigger than expected pension obligations, sending its shares down 1.3 percent.

The telephone company also said that results would be hurt by higher than expected smartphone costs and damage due to Superstorm Sandy.

AT&T said the pension charge related to an actuarial loss of about $12 billion, which was partially offset by an asset gain of about $1.9 billion. But despite the gain, it said it lowered its expected long-term rate of return due to uncertainty in the securities markets and the U.S. economy for 2013."

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