Verizon Communications (VZ) Tops Q2 EPS by 6c

Verizon Communications (NYSE: VZ) reported Q2 EPS of $1.20, $0.06 better than the analyst estimate of $1.14. Revenue for the quarter came in at $32.2 billion versus the consensus estimate of $31.75 billion.

Outlook and guidance

Verizon expects the following:

• Full-year consolidated revenue growth at low-to-mid single-digit percentage rates on a GAAP reported basis. This update to full-year guidance is due to better-than-expected equipment revenue trends.
• The impact of revenue recognition on EPS for full-year 2018 to be between 27 and 31 cents. The accretive benefit to full-year 2018 consolidated operating income is expected to moderate in 2019 and become insignificant in 2020, as the timing impacts to revenues and commission costs converge.
• Low single-digit percentage growth in adjusted EPS in 2018, before the net impact of tax reform and the revenue recognition standard.
• Capital spending for 2018 to be closer to the lower end of the range of $17.0 to $17.8 billion, including the commercial launch of 5G.
• The effective tax rate for full-year 2018 to be at the low end of the range of 24 to 26 percent.

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

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