Telecommunications

Verizon begins 2024 with strong wireless service revenue growth, solid cash flow and continued momentum in broadband First quarter performance positions Verizon for growth and profitability throughout 2024 1Q 2024 Highlights Consolidated: — Earnings per share of $1.09, compared with earnings per share of $1.17 in first-quarter 2023; adjusted EPS1, excluding special items, of $1.15, compared with $1.20 in first-quarter 2023. — Total operating revenue of $33.0 billion, up 0.2 percent from first-quarter 2023. — Consolidated net income for the first quarter of $4.7 billion, compared to consolidated net income of $5.0 billion in first-quarter 2023, and consolidated adjusted EBITDA1 of $12.1 billion, up from $11.9 billion in first-quarter 2023. Total Wireless: — Total wireless service revenue2 of $19.5 billion, a 3.3 percent increase year over year. — Retail postpaid phone net losses of 68,000, and retail postpaid net additions of 253,000. — Retail postpaid phone churn of 0.89 percent,

Verizon Communications (VZ) reported Q1 adjusted earnings Monday of $1.15 per share, down from $1.20 a year earlier. Analysts polled by Capital IQ expected $1.12. Revenue for the quarter ended March 31 was $32.98 billion, up from $32.91 billion a year earlier. Analysts surveyed by Capital IQ expected $33.23 billion. For full-year 2024, the wireless communications and mobile network company said it continues to expect adjusted earnings of $4.50 to $4.70 per share. Analysts polled by Capital IQ expect $4.57.

Verizon Communications is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. Verizon posted first-quarter adjusted earnings that topped Wall Street’s expectations amid a slightly better performance in its consumer business after years of erosion. Dow Jones & Co. owns Factiva

The following is a summary of the Verizon Communications Inc. (VZ) Q1 2024 Earnings Call Transcript: Financial Performance: Verizon reported a 3.3% year-over-year growth in Q1 2024 wireless service revenue. The adjusted EBITDA rose 1.4% YoY to $12.1 billion. The company’s free cash flow rose by 16%, nearing $400 million compared to Q1 2023, stating at $2.7 billion. Overall, net unsecured debt improved YoY by $3.7 billion, concluding the quarter at $126 billion. Verizon raised its quarterly dividends reflecting continued improvement in its payout ratio. Significant increase in free cash flow targeted for Q2 and aims to maintain growth in service revenue throughout 2024. Business Progress: Verizon has documented growth in its consumer business, expecting the number of customers on ‘myPlan’ to double by the end of 2024. As part of its C-band rollout, the company achieved significant milestones and completed a pension transaction to increase financial flexibility. Deals were

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target price at $33, applying an EV/EBITDA multiple of 6.4x to our 2024 estimate, a slight discount to peers, reflecting our weak growth outlook. We trim our 2024 EPS estimate by $0.01 to $4.57 and lower 2025’s by $0.02 to $4.65. VZ reported Q1 operating EPS of $1.15 vs. $1.20, $0.02 above the consensus. Q1 revenue increased 0.2%, driven by 1) 0.8% growth in the Consumer business, with gains in service partially offset by declines in wireless equipment revenue due to lower upgrades and 2) a 1.6% fall in the Business segment, driven by declines in wireline and equipment revenue. Consumer postpaid net losses were 158k, while business postpaid adds were 90k with consolidated broadband net adds of 389k. While results came in