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Sept. 5, 2011, 7:33 a.m. EDT

Telefonica affirms outlook, won't enter US market

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By Ana Garcia

SANTANDER, Spain (EFE Dow Jones) -- Telefonica SA's /zigman2/quotes/200416613/delayed ES:TEF +0.26% chief executive, Julio Linares, Monday said the Spanish telecom giant, a market leader in Latin America, isn't currently planning a move into the U.S.

Speaking in the sidelines of a sector conference here, Linares also reiterated the company's financial and investment commitments for the year. His comments come as speculation on mergers and acquisitions in the U.S. market continues, and Spain's domestic market remains hobbled by low economic growth and falling consumer demand.

Linares added that Telefonica's current priority is to grow in existing markets in Latin America and Europe.

In July, Telefonica said its closely-watched operating margin, the company's broadest measure of profitability, shouldn't drop below 36% for the year. It also reiterated its dividend target, one of the highest in the sector, currently with a yield of more than 10%.

ES : Spain: Madrid
+0.01 +0.26%
Volume: 7.79M
June 9, 2023 5:38p
P/E Ratio
Dividend Yield
Market Cap
€22.35 billion
Rev. per Employee

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