Verizon Q3 results broadly in line, outlook affirmed

Investing.com -- Verizon Communications Inc (NYSE: VZ) reported third-quarter earnings slightly above expectations, while revenue narrowly missed consensus estimates.

The company reported earnings per share (EPS) of $1.21, just above the $1.19 expected by analysts.

Earnings per share were $1.21, topping analysts’ estimates of $1.19. Revenue rose 1.5% year-over-year to $33.8 billion, slightly below the $34.2 billion consensus forecast.

Wireless service revenue rose 2.1% year on year to $21.0 billion, while wireless equipment revenue increased 5.2% to $5.6 billion.

Consolidated adjusted EBITDA reached $12.8 billion, up from $12.5 billion a year earlier.

“We are going to take bold and fiscally responsible action to redefine Verizon’s trajectory at this critical inflection point for our company. We will rapidly shift to a customer-first culture, one that thrives on delighting our customers,” said Dan Schulman, Verizon CEO.

“These will not be incremental changes. We will aggressively transform our culture, our cost structure, and the financial profile of Verizon in order to put our customers first, compete effectively, and deliver sustainable returns for our shareholders, he added.

The company reaffirmed its full-year guidance, maintaining expectations for total wireless service revenue growth of 2.0% to 2.8%, adjusted EBITDA growth of 2.5% to 3.5%, and adjusted EPS growth of 1.0% to 3.0%.

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