Verizon reported a strong third quarter on Friday with net income of $1.38 billion or 49 cents per share as compared to $659 million or 23 cents per share last year. In fact, the earnings have doubled due to strategic products and improved operating performance and disciplined capital spending, said Verizon Communications.
The largest wireless operator also reported earnings of 56 cents per share in adjusted EPS (non-GAAP), which excludes 7 cents per share in non-operational items, compared with 55 cents in adjusted EPS in 3Q 2010.
With another strong showing in Wireless and continued growth in FiOS and strategic business services, Verizon Communications said that the company was on track to achieve its full-year earnings and revenue guidance.
In a statement, said Lowell McAdam, Verizon president and chief executive officer, "Verizon emerges from the third quarter in a strong position to accelerate growth… We faced significant challenges in recent months, yet delivered results that keep us on track to meet our 2011 earnings and revenue guidance, with great momentum expected entering 2012. We continue to grow revenues from strategic products and to increase free cash flow through improved operating performance and disciplined capital spending," noted McAdam.
McAdam added, "Verizon Wireless delivered impressive results across the board in the third quarter, and we are geared up for an even better fourth quarter, with new smartphones, tablets and data devices coming to market. In FiOS, we expect to capitalize on pent-up demand and deliver stronger growth in the fourth quarter. In enterprise, the integration of Terremark and recent acquisition of CloudSwitch have significantly improved our competitive positioning."
Verizon has targeted 2011 adjusted EPS growth of five percent to eight percent from an adjusted base of $2.08 in EPS in 2010, and 2011 revenue growth of four percent to eight percent on a comparable basis with 2010.
In third-quarter 2011, Verizon's total operating revenues were $27.9 billion on a consolidated basis, an increase of 5.4 percent compared with third-quarter 2010. Total operating expenses were $23.3 billion, an increase of 0.7 percent.
According to Verizon, the company added 1.3 million total connections in third-quarter, including 882,000 retail postpaid customers, and 367,000 wholesale and other connections. These additions exclude acquisitions and adjustments, Verizon said.
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