Verizon Communications Inc. (NYSE: VZ) reported its most recent quarterly results before the markets opened on Thursday. The telecom giant said that it had $0.98 in earnings per share (EPS) and $31.72 billion in revenue, compared with consensus estimates of $0.98 in EPS and revenue of $31.45 billion. The third quarter of last year reportedly had EPS of $1.01 and $30.94 billion in revenue.
In terms of its Wireless segment, total revenues were $21.6 billion in third-quarter 2017, a decline of 2.4%. Verizon had 603,000 retail postpaid net additions, including 486,000 postpaid smartphone net adds. Retail postpaid churn was 0.97%, with strong customer loyalty demonstrated by retail postpaid phone churn of 0.75% — less than 0.90% for the 10th consecutive quarter.
Total wireline revenues increased 1.1%, to $7.7 billion, comparing third-quarter 2017 with third-quarter 2016. On an organic basis, excluding revenues from acquired operations (non-GAAP), total wireline revenues declined 2.7% year over year in third-quarter 2017, consistent with second-quarter 2017.
Total Fios revenues grew 4.8%, and consumer Fios revenues grew 4.6%, comparing third-quarter 2017 with third-quarter 2016 and including the impact of two marquee pay-per-view events in the current quarter.
As for the outlook, Verizon said that full-year 2017 consolidated revenues, on an organic basis, would be fairly consistent with 2016, with improvement in wireless service revenue and equipment revenue trends. Also, full-year 2017 consolidated adjusted EPS trends would be similar to consolidated revenue trends.
The consensus estimates call for $3.76 in EPS and $124.95 billion in revenue for the full year.
Lowell McAdam, board chair and chief executive, commented:
Verizon Wireless delivered another quarter of profitable growth combined with strong customer loyalty. This success is based on the strength of the Verizon network, and I share the pride of all Verizon employees that our network aided and served first-responders and customers when they needed it most following the recent natural disasters. While steadily investing to advance our network leadership and to build the Verizon Intelligent Edge Network, we have also maintained the financial flexibility to increase shareholder dividends for an 11th consecutive year.
Shares of Verizon closed Wednesday at $48.65, with a consensus analyst price target of $49.68 and a 52-week trading range of $42.80 to $54.83. Following the release, the stock was up about 2.5% at $49.85 in early indications Thursday.