Verizon Communications (VZ) Tops Q2 EPS by 3c, Maintains FY Guidance

Verizon Communications (NYSE: VZ) reported Q2 EPS of $1.18, $0.03 better than the analyst estimate of $1.15. Revenue for the quarter came in at $30.4 billion versus the consensus estimate of $29.93 billion.

• Total revenue of $21.1 billion, a decrease of 4.0 percent year over year.
• 72,000 retail postpaid net additions, including 97,000 phone net additions and 199,000 postpaid smartphone net additions.
• Total retail postpaid churn of 0.69 percent, and retail postpaid phone churn of 0.51 percent.
• 10,000 Fios Internet net additions.

Outlook and guidance:

The company continues to expect the following results for full-year 2020, and notes that this guidance assumes no significant deterioration to the macroeconomic environment or material changes to the company's bad debt reserves:

• Adjusted EPS growth (non-GAAP) of -2 to 2 percent.
• Capital spending to be in the range of $17.5 billion to $18.5 billion.
• Adjusted effective income tax rate (non-GAAP) in the range of 23 percent to 25 percent.

For earnings history and earnings-related data on Verizon Communications (VZ) click here.

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