Verizon Maintains FY24 Earnings Outlook - Update

(RTTNews) - Verizon Communications Inc. (VZ), while announcing weak profit and slightly higher revenues in its first quarter, on Monday maintained its fiscal 2024 earnings outlook.

In pre-market activity on the NYSE, Verizon shares were gaining around 1.3 percent to trade at $41.00.

For 2024, Verizon continues to expect adjusted earnings per share of $4.50 to $4.70. Analysts on average expect the company to report earnings of $4.58 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Verizon continues to expect adjusted EBITDA growth of 1.0 percent to 3.0 percent and total wireless service revenue growth of 2.0 percent to 3.5 percent.

Verizon Chairman and CEO Hans Vestberg said, "Our performance in the first quarter sets us up for a successful 2024. We are on track to meet our financial guidance and to deliver positive Consumer postpaid phone net adds for the year. Our fixed wireless subscriber base is continuing to grow rapidly, and our network remains the best in the industry, by far."

In its first quarter, Verizon revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $4.72 billion, or $1.09 per share. This compares with $5.02 billion, or $1.17 per share, in last year's first quarter.

Adjusted earnings were $1.15 per share for the period. compared with $1.20 per share a year ago. Analysts had expected the company to earn $1.12 per share.

The company's revenue for the quarter rose 0.2 percent to $32.98 billion from $32.91 billion last year.

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