Tuesday, January 24, 2017 9:22:06 AM
[24/7 Wall St.]
Chris Lange
24/7 Wall St.January 24, 2017
Verizon Communications Inc. (VZ) reported its fourth-quarter financial results before the markets opened on Tuesday. The company posted $0.86 in earnings per share (EPS) on $32.34 billion in revenue. The consensus estimates from Thomson Reuters called for EPS of $0.89 and $32.08 in revenue. The same period of last year reportedly had $0.89 in EPS and revenue of $34.25 billion.
During the fourth quarter, Verizon reported 591,000 retail postpaid net additions. At year-end 2016, Verizon had 114.2 million retail connections, a 1.9% year-over-year increase. Verizon's retail postpaid connections base grew 2.1% to 108.8 million, and retail prepaid connections totaled 5.4 million.
As for the Wireline segment, the company added a net of 68,000 Fios Internet connections and 21,000 Fios Video connections. Customer demand for Custom TV continues to remain strong. At year-end, Verizon had 5.7 million Fios Internet connections and 4.7 million Fios Video connections.
In terms of guidance, the company expects to see 2017 consolidated revenues on an organic basis to be fairly consistent with 2016, as well as full-year 2017 EPS trends to be similar to consolidated revenue trends. The consensus estimates are $4.01 in EPS and $126.3 billion in revenue for 2017.
Also looking ahead, Verizon expects its acquisition of XO Communications to close in first-quarter 2017 and its sale of data centers to Equinix to close in second-quarter 2017. Regarding the Yahoo acquisition, Verizon continues to work with Yahoo to assess the impact of data breaches.
Lowell McAdam, chairman and CEO of Verizon, commented:
We are positioning Verizon for future growth and continued sustainable shareholder value. In the fourth quarter we expanded our customer base in highly competitive wireless and broadband markets. This capped a year in which we delivered solid results and returned value to shareholders, including $9.3 billion in dividends. We enter 2017 with confidence, based on our investments in next-generation networks and the new capabilities we have acquired. Our goal is to continue to earn our customers' loyalty every day in a rapidly expanding mobile-first digital world.
Shares of Verizon closed Monday at $52.41, with a consensus analyst price target of $53.68 and a 52-week trading range of $46.01 to $56.95. Following the release of the earnings report, the stock was down nearly 3% at $50.93 in early trading indications Tuesday.http://finance.yahoo.com/news/why-verizon-earnings-fell-short-135005515.html
Recent VZ News
- Verizon Business to spotlight the fast-changing cybersecurity landscape and how to manage it at RSA Conference™ • GlobeNewswire Inc. • 05/03/2024 04:39:54 PM
- Verizon Is Ready To Keep You Connected Throughout The 2024 Hurricane Season • GlobeNewswire Inc. • 05/02/2024 12:00:00 PM
- 2024 Data Breach Investigations Report: Vulnerability exploitation boom threatens cybersecurity • GlobeNewswire Inc. • 05/01/2024 04:33:19 AM
- 2024 Data Breach Investigations Report: Half of the Breaches in EMEA are Internal • GlobeNewswire Inc. • 05/01/2024 04:01:00 AM
- Verizon donates $20,000 to the American Red Cross for disaster relief efforts in Oklahoma • GlobeNewswire Inc. • 04/30/2024 10:09:37 PM
- Verizon Business kicks off 2024 Innovation Sessions in Chicago’s historic Soldier Field • GlobeNewswire Inc. • 04/30/2024 04:30:00 PM
- Verizon partners with Latina-owned small business Hija de tu Madre for exclusive Mother’s Day merch • GlobeNewswire Inc. • 04/30/2024 04:00:00 PM
- Houston Dynamo Football Club and Verizon extend partnership agreement for 2024 season • GlobeNewswire Inc. • 04/30/2024 02:00:00 PM
- Verizon receives 2024 ENERGY STAR Award for 12th consecutive year • GlobeNewswire Inc. • 04/26/2024 01:00:00 PM
- Verizon to award $25K crisis-response grant to Maryland Tough Baltimore Strong Key Bridge Fund • GlobeNewswire Inc. • 04/26/2024 12:00:00 PM
- Verizon gives customers more peace of mind with enhanced Home Device Protection service • GlobeNewswire Inc. • 04/25/2024 01:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:30:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon to offer Latin music fans the chance to win a VIP experience at La Onda • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 06:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 05:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 03:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 03:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 03:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 03:00:00 PM
- Stocks Close On Firm Note For 2nd Straight Day On Earnings Hopes • IH Market News • 04/23/2024 09:00:38 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM