Verizon Communications (VZ) Tops Q3 EPS by 3c, Updates FY Guidance

Verizon Communications (NYSE: VZ) reported Q3 EPS of $1.25, $0.03 better than the analyst estimate of $1.22. Revenue for the quarter came in at $31.5 billion versus the consensus estimate of $31.59 billion.

Outlook and guidance

• Based on three quarters of resilient earnings and projected trends into fourth-quarter 2020, Verizon is updating financial guidance for full-year 2020:
• The company now expects adjusted EPS growth (non-GAAP) of 0 to 2 percent, an update from prior guidance for 2020 adjusted EPS growth (non-GAAP) of -2 to 2 percent. This update includes the previously discussed accounting headwinds, impacts from COVID-19, and new device launches in fourth-quarter 2020.
• The company now expects total wireless service revenue growth of at least 2 percent in fourth-quarter 2020 compared to last year.
• Verizon expects the following results for full-year 2020:
• Capital spending to now be at the higher end of the guided 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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