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Verizon +2.8% as subscribers, revenues surprise to upside

Oct. 19, 2017 9:23 AM ETVerizon Communications Inc. (VZ) StockBy: Jason Aycock, SA News Editor7 Comments
  • Verizon (NYSE:VZ) is up 2.8% premarket after a healthy revenue beat and another gain of wireless subscribers that surpassed expectations in its Q3 earnings.
  • It added 603,000 net retail postpaid subs, 486,000 of which were postpaid smartphone net adds. Net phone additions were 274,000; tablet net adds were 91,000 and net adds of other devices, led by wearables, was 238,000.
  • Retail postpaid churn was at 0.97% and retail postpaid phone churn low again at 0.75%.
  • Meanwhile, FiOS revenues were up 4.8%; consumer FiOS revenues were up 4.6%.
  • EPS was flat on a headline basis and fell slightly on a non-GAAP basis, to $0.98 from $1.01. Revenues that grew 2.5% were down 2.3% on a comparable basis (excluding divestitures/acquisitions).
  • Revenue breakout: Service and other, $27.4B (up 2.1%); Wireless equipment, $4.35B (up 5.5%).
  • Integrating AOL and Yahoo is "ahead of internal expectations," and Oath revenues were $2B.
  • Cash flow from operations was $17.2B for the first nine months; YTD capex came to $11.3B.
  • For the full year it expects organic revenues consistent with last year (and similar trends in EPS), with improvement in wireless service revenue and equipment revenue trends. Consolidated capital spending is expected at the lower end of a range of $16.8B-$17.5B, and it sees 2017 effective tax around 34%.
  • Press Release

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