Verizon Reports Q3 Earnings, Posts Double-Digit Growth
October 18, 2012 8:58 AM
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Verizon Q3 earnings look very good
Verizon today announced its Q3 earnings and posted double-digit earnings growth. Consolidated earnings for the company amounted to $.56 in diluted earnings per share. That's a significant increase compared to the $.49 per share the company earned in Q3 2011, making for a 14.3% increase.
Verizon reports adjusted EPS (non-GAAP) earnings of $.64 per share, excluding eight cents per share in charges. The wireless side of things for Verizon looked very good with 7.5% year-over-year increase in service revenues for the quarter. The company also posted 7.9% year-over-year increase in retail service revenues along with 31.8% operating income margin.
The company added 1.8 million retail net additions during the quarter excluding acquisitions and adjustments. Out of that number, 1.5 million of the connections were retail postpaid subscribers. The retail postpaid churn was 0.91% for the company. 4G LTE service was also bright spot for Verizon Wireless with more than 250 million people subscribing in 419 U.S. markets.
Verizon also posted strong growth in its wireline service with a 4.6% year-over-year increase in consumer revenues, which is the highest increase in a decade. The company boasted 136,000 FiOS Internet and 119,000 FiOS Video net additions for the quarter. The company has a total of 5.3 million FiOS Internet and 4.6 million FiOS video customers.
"In the third quarter, Verizon continued to deliver double-digit earnings growth and strong cash generation, and we remain solidly on track to meet our financial objectives for the year," said Lowell McAdam, Verizon chairman and CEO.
"With our 4G LTE network advantage, well-received Share Everything Plans and unmatched product portfolio, Verizon Wireless continues to do an outstanding job of balancing growth and profitability. Wireless achieved record profitability in a quarter in which we reported the highest number of retail postpaid gross and net adds in four years."
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