Benzinga | May 12, 2021 11:47AM EDT

Deutsche Telekom Reports Q1 Results, Raises FY21 Guidance

* Deutsche Telekom AG (OTC: DTEGY) reported first-quarter FY21 revenue growth of 32.3% year-on-year to (euro)26.4 billion.

* Germany's revenue rose 1.9% Y/Y to (euro)5.9 billion. The segment's adjusted EBITDA increased 3.4% Y/Y to (euro)2.3 billion.

* U.S. revenue rose 62.3% Y/Y to (euro)16.5 billion. Segment adjusted EBITDA increased 80.6% Y/Y to (euro)5.7 billion.

* Europe revenue declined 1.1% Y/Y to (euro)2.7 billion, with the segment's adjusted EBITDA growing 1.1% Y/Y to (euro)946 million.

* Systems Solutions revenue rose 0.4% Y/Y to (euro)891 million. Segment adjusted EBITDA increased 3.3% Y/Y to (euro)62 million.

* Growth Development revenue rose 10.5% Y/Y to (euro)782 million, with the segment's adjusted EBITDA rising 17.5% Y/Y to (euro)316 million.

* Total Adjusted EBITDA rose 41.3% Y/Y to (euro)9.2 billion, mainly from the acquisition of Sprint.

* Adjusted net profit declined 6.5% Y/Y to (euro)1.2 billion, and the adjusted EPS was (euro)0.25.

* Free cash flow more than doubled Y/Y to (euro)2.6 billion.

* Guidance: Deutsche Telekom raised the FY21 adjusted EBITDA guidance outside the U.S. from (euro)14.3 billion previous, to (euro)14.4 billion. FY21 free cash flow guidance was raised from (euro)3.5 billion previous, to (euro)3.6 billion.

* It expects the FY21 adjusted EBITDA guidance, including T-Mobile U.S., to exceed the previous guidance of (euro)37 billion. FY21 free cash flow guidance is estimated to exceed the previous guidance of (euro)8 billion.

* Price action: DTEGY shares are up 1.1% at $20.20 on the last check Wednesday.