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.
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