Verizon Non-GAAP EPS of $1.19 beats by $0.01, revenue of $33.3B misses by $120M

Verizon Press Release (NYSE:VZ): Q3 Non-GAAP EPS of $1.19 beats by $0.01.
Revenue of $33.3B (-0.1% Y/Y) misses by $120M.
Total consolidated operating revenue in third–quarter 2024 was $33.3 billion, essentially
flat compared to third–quarter 2023, as service and other revenue growth was offset by
declines in wireless equipment revenue.
Wireless: More than doubled wireless postpaid phone net additions year over year
• Total wireless service revenue of $19.8 billion, a 2.7 percent increase year over year.
• Retail postpaid phone net additions of 239,000, and retail postpaid net additions of 349,000.
• Retail postpaid phone churn of 0.89 percent, and retail postpaid churn of 1.16 percent.
Broadband: Achieved fixed wireless subscriber target 15 months ahead of schedule
• Total broadband net additions of 389,000. This was the ninth consecutive quarter with more
than 375,000 broadband net additions.
• Total fixed wireless net additions of 363,000. At the end of third-quarter 2024, the company
had a base of nearly 4.2 million fixed wireless subscribers.
For 2024, Verizon continues to expect the following:
• Total wireless service revenue growth1 of 2.0 percent to 3.5 percent.
• Adjusted EBITDA growth2 of 1.0 percent to 3.0 percent.
• Adjusted EPS of $4.50 to $4.70 vs $4.57 consensus
• Capital expenditures between $17.0 billion and $17.5 billion.
• Adjusted effective income tax rate2 in the range of 22.5 percent to 24.0 percent.

Tags: VZ