|Company Name:||AT&T Inc.|
|Event Title:||Q2 2013 Earnings Call Transcript|
|Event Time:||04:30 PM ET|
Ladies and gentlemen, thank you for standing by. And welcome to the AT&T Second Quarter Earnings Call 2013 Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. [Operator Instructions]. And also as a reminder today's teleconference is being recorded.
Now at this time I will turn the conference call over to your host, Senior Vice President of Investor Relations for AT&T Ms. Susan Johnson. Please go ahead.
Senior Vice President, Business Development
Thank you Tony, good afternoon everyone and welcome to our second quarter conference call. It's great to have you with us today. I am Susan Johnson Head of Investor Relations for AT&T.
Joining me on the call today is John Stephens, AT&T's Chief Financial Officer; and Ralph de la Vega AT&T's President and CEO for Mobility. John will cover our consolidated wireline results and Ralph will give us an update on our wireless business then we'll follow up with questions and answers.
Let me remind you, earnings materials available on the Investor Relations page of AT&T's website that's www.att.com/investor.relations.
I also need to cover our Safe Harbor statement which is on slide three of the presentation. This presentation and comments may contain forward-looking statements that are subject to risks. Results may differ materially detailed on our SEC filings on an AT&T's website.
With that, I'll now turn the call over to AT&T's Chief Financial Officer, John Stephens. John?
Senior Executive Vice President and Chief Financial Officer
Thanks, Susan. And good afternoon, everyone. Thank you for being with us today. And thank you for your interest in AT&T.
Let me start with our consolidated financial summary, which is on slide four. Consolidated revenue was a solid 32.1 billion, up $500 million or 1.6% on a reported basis and up an impressive $800 million or 2.6% when you exclude the divested advertising solutions business. And we were able to do this with no lift from the economy.
These gains were due to solid revenue growth in wireless, strong gains in user services and with improving revenue for our wireline business. Reported EPS for the quarter was $0.71, that is up almost 8% over last year's second quarter. Our results for this quarter include about $0.04 lift for the sale number of our - shares. You may recall that America Mobile has a share buyback program underway and we were selling shares to maintain our ownership closer to our historic level of about 9%.
When you exclude this help, earnings per share were $0.67 our adjusted EPS is up about 5% for the year and up nearly 2% in the second quarter.
Consolidated margins were down year-over-year primarily due to success-based initiatives in both wireless and wireline. Cash flow continues to be strong. Cash from operating activities for the quarter totaled $9.5 billion, which allowed us to have a strong capital investment in Project VIP and still have free cash flow of $4 billion.