Verizon Communications Inc
It clocked a sales decline of 0.3% year-on-year to $35.13 billion, beating the consensus of $34.64 billion. Adjusted EPS of $1.08 beat the consensus of $1.07.
Total wireless service revenue was $19.4 billion, up 3.2% Y/Y, reflecting the company's ownership of TracFone, premium Unlimited strategy, and pricing actions. Postpaid phone net additions were 449,000, and retail postpaid net additions were 1,460,000.
The quarter marked 413,000 total broadband net additions, representing the fifth consecutive quarter of over 400,000 broadband net additions.
The company ended the quarter with approximately 10.7 million broadband subscribers.
Total Verizon Business revenues were $7.6 billion, down by 3.6% Y/Y.
Total Verizon Consumer revenue rose by 0.7% Y/Y to $27.0 billion.
Consumer wireless retail postpaid churn was 1.08%, and wireless retail postpaid phone churn was 0.88%.
Verizon Consumer clocked wireless retail postpaid phone net additions of 318,000. Verizon Consumer had fixed wireless net additions of 231,000.
The consumer segment EBITDA margin improved by 60 bps 38.5%, attributed to service revenue growth and lower upgrade volumes, while the business segment EBITDA margin remained flat at 21.1%.
Company-level adjusted EBITDA of $11.7 billion was down 0.6% Y/Y. Verizon said it is ahead of schedule in achieving its goal of 4 million to 5 million subscribers by the end of 2025.
FY24 Outlook: Verizon projected a 2.0% - 3.5% wireless service revenue growth. It expects an adjusted EPS of $4.50 - $4.70 versus consensus of $4.59.
Price action: VZ shares traded higher by 3.46% at $40.95 premarket on the last check Tuesday.
