Verizon Q1 Profit Rises, Adj. EPS Meets View; Backs FY23 Forecast

(RTTNews) - Telecom major Verizon Communications Inc. (VZ) reported Tuesday that its first-quarter net income attributable to the company increased 7.2 percent to $4.91 billion from $4.58 billion last year. Earnings per share were $1.17, up 7.3 percent from $1.09 in the prior year.

On an adjusted basis, earnings per share were $1.20, compared to last year's $1.35.

On average, 18 analysts polled by Thomson Reuters also expected earnings of $1.20 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue of $32.91 billion decreased 1.9 percent from $33.55 billion a year ago. Analysts expected revenues of $33.57 billion for the quarter.

The decrease was primarily due to lower equipment revenue and continued declines in Business wireline services.

The company's total wireless postpaid phone gross additions increased 5.3 percent year over year.

Further, for 2023, Verizon continues to expect adjusted earnings per share of $4.55 to $4.85, adjusted EBITDA of $47.0 billion to $48.5 billion, and total wireless service revenue growth of 2.5 percent to 4.5 percent.

Analysts expect earnings of $4.7 per share for the year.

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