Verizon Communications (NYSE: VZ) reported Q1 EPS of $1.17, $0.06 better than the analyst estimate of $1.11. Revenue for the quarter came in at $31.8 billion versus the consensus estimate of $31.22 billion.

Verizon expects the following:

• Full-year consolidated revenue growth at low single-digit percentage rates on a GAAP reported basis. Verizon expects service revenue growth on a GAAP reported basis to turn positive by the end of 2018.
• Low single-digit percentage growth in adjusted EPS in 2018 before the impact of tax reform and the revenue recognition standard.
• Capital spending for 2018 will be in the range of $17.0 billion to $17.8 billion, including the commercial launch of 5G.
• The expected savings from tax reform will generate a net $3.5 billion to $4 billion uplift to cash flow from operations in 2018. This is expected to yield a 55 to 65 cent increase in 2018 EPS, net of impacts from employee and Verizon Foundation initiatives. The resulting 2018 effective tax rate is projected to be in the range of 24 to 26 percent.

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