Verizon reports third consecutive quarter growth in earnings

News General Global 18 OKT 2012
Verizon reports third consecutive quarter growth in earnings
Verizon has reported USD 0.56 in EPS in the third quarter of 2012, an increase of 14.3 percent from USD 0.49 per share last year. Adjusted third quarter 2012 earnings (non-GAAP) were USD 0.64 per share excluding USD 0.08 per share for charges related to patent litigation settlements compared with adjusted earnings of USD 0.56 per share in the same quarter of 2011 excluding USD 0.07 per share for a non-operational charge related to an actuarial valuation of pension plans.

 

Verizon's total operating revenues for the third quarter were USD 29.0 billion on a consolidated basis, an increase of 3.9 percent compared with a year earlier. Consolidated operating income was USD 5.5 billion for the quarter 2012 compared with USD 4.6 billion a year earlier. Consolidated EBITDA (non-GAAP, earnings before interest, taxes, depreciation and amortisation) totalled USD 9.65 billion compared with USD 8.8 billion year-over-year.

Cash flow from operating activities totalled USD 34.8 billion in the first nine months of 2012 compared with USD 21.5 billion in the first nine months of 2011. With capital expenditures of USD 11.3 billion, free cash flow (non-GAAP, cash flow from operations less capex) was USD 13.4 billion through the third quarter 2012, up from USD 9.0 billion last year, an increase of 49.9 percent. For full-year 2012 capital expenditures are expected to be lower than last year's USD 16.2 billion.

Wireless Service revenues in the third quarter totalled USD 16.2 billion, up 7.5 percent last year and retail service revenues grew 7.9 percent to USD 15.5 billion. Total wireless revenues were USD 19.0 billion up 7.3 percent from the previous year. Retail postpaid ARPA (average revenue per account) grew 6.5 percent over third-quarter 2011 to USD 145.42 per month. The wireless operating income margin was 31.8 percent and segment EBITDA margin on service revenues (non-GAAP) was 50.0 percent.

Third-quarter 2012 wireline operating revenues were USD 9.9 billion, a decline of 2.3 percent compared with the third quarter 2011. The wireline operating income margin was 0.4 percent compared with 0.5 percent year-over-year. Segmented EDITDA margin (non-GAAP) was 21.7 percent in the third quarter compared with 21.4 percent a year earlier. Consumer revenues grew 4.6 percent and consumer ARPU for wireline services increased to USD 103.86 in the third quarter, up 10.3 percent year-over-year. ARPU for FiOS customers was more than USD 150 in third-quarter 2012 and FiOS services produced 66 percent of consumer wireline revenues for the quarter. Global enterprise revenues totalled USD 3.8 billion in the quarter, down 3.6 percent compared the third-quarter 2011 and sales of strategic services increased 4.4 percent year-over-year and represented 53 percent of global enterprise revenues in third quarter 2012.

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