Verizon Q3 Net Income Declines; On Track To Meet Financial Guidance - Update

Verizon

37.82 CHF 1.37%

• Charts
• News
• Analysen

Kaufen / Verkaufen

(RTTNews) - Verizon Communications Inc. (VZ) reported consolidated net income for the third quarter of $3.4 billion, compared to $4.9 billion in third quarter 2023. The company said this decrease was primarily driven by severance charges of $1.7 billion related to separations under the voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives. Earnings per share was $0.78, compared with $1.13. Consolidated adjusted EBITDA was $12.5 billion, compared to $12.2 billion in third-quarter 2023. Adjusted EPS, excluding special items, was $1.19, compared with $1.22. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.18, for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue was $33.3 billion, essentially flat compared to third-quarter 2023. Analysts on average had estimated $33.43 billion in revenue. Total wireless service revenue was $19.8 billion, an increase of 2.7 percent year over year.

Total Verizon Consumer revenue was $25.4 billion, an increase of 0.4 percent year over year. In third-quarter 2024, Consumer reported 81,000 wireless retail postpaid phone net additions, compared with 51,000 net losses, prior year. This improvement was driven by a 5.9 percent year over year increase in postpaid phone gross additions.

For 2024, Verizon continues to expect: total wireless service revenue growth of 2.0 percent to 3.5 percent; adjusted EBITDA growth of 1.0 percent to 3.0 percent; and adjusted EPS of $4.50 to $4.70.

"We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range," said Verizon CEO Hans Vestberg.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.