Verizon Communications Inc. (NYSE:VZ) earlier reported a first-quarter earnings beat, though revenue missed the mark. The company also a saw much smaller-than-expected loss of wireless phone subscribers. The security is down 1.7% to trade at $39.82 at last check, despite surging above resistance form the 20-day moving average earlier in the session. The security still sports a 7.3% lead for 2024, thanks to its run up to an April 4, 52-week high of $43.42. Though shares are today looking to snap a three-day ...

For the quarter ended March 2024, Verizon Communications (VZ) reported revenue of $32.98 billion, up 0.2% over the same period last year. EPS came in at $1.15, compared to $1.20 in the year-ago quarter.The reported revenue represents a surprise of -1.05% over the Zacks Consensus Estimate of $33.33 billion. With the consensus EPS estimate being $1.12, the EPS surprise was +2.68%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall St ...

Verizon Communications Inc. (VZ) started 2024 on a positive note, registering relatively modest first-quarter results with the bottom line beating the Zacks Consensus Estimate but the top line missing the same.The company recorded consolidated postpaid net additions of 253,000 in the quarter along with retail postpaid phone net losses of 68,000. Total broadband net additions for the quarter were 389,000, including 354,000 fixed wireless net additions.Net IncomeOn a GAAP basis, net income in the quarter was ...

Key TakeawaysVerizon Communications reported first-quarter results roughly in line with analyst estimates Monday ahead of the opening bell.The telecommunications giant's stock rose in premarket trading Monday following the report's release but fell after the opening bell.Verizon opens a busy week of corporate earnings reports, including from competitors AT&T and T-Mobile. Verizon Communications (VZ) on Monday reported first-quarter results that were roughly in line with analyst expectations, with the compan ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Verizon Communications (VZ) came out with quarterly earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.12 per share. This compares to earnings of $1.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.68%. A quarter ago, it was expected that this largest U.S. cellphone carrier would post earnings of $1.07 per share when it actually produced earnings of $1.08, delivering a surprise of 0.93%.Over the last f ...

Key TakeawaysVerizon Communications reported first-quarter results roughly in line with analyst estimates Monday ahead of the opening bell.The telecommunications giant's stock rose following the report's release.Verizon opens a busy week of corporate earnings reports, including from competitors AT&T and T-Mobile. Verizon Communications (VZ) stock rose in premarket trading Monday following the release of a first-quarter earnings report that was roughly in line with analyst expectations, with the company also ...

Key PointsVerizon had a mixed quarter, producing better-than-expected earnings and free cash flow. The balance sheet is improving, and so is the dividend health. The high yield is above 6.5% and trades for less than 10X earnings; there is a chance for significant share price appreciation. 5 stocks we like better than Verizon CommunicationsVerizon NYSE: VZ has been on the brink of completing a reversal for months and may do so now that the Q1 results are in. The Q1 results are mixed but include better-than-e ...

Follow Invezz on Telegram , Twitter , and Google News for instant updates >Telecommunications company Verizon Communications today announced their Q1 2024 results on April 22nd.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.The results improved upon Verizon’s disappointing Q4 2023 performance announced earlier this year, but failed to live up to expectations. The financial resultsCopy link to sectionVerizon revenues for Q1 2024 were $33.0 billion for ...

[Q1 2024 Performance Highlights](index=1&type=section&id=1Q%202024%20Highlights) [Overall Performance Summary](index=1&type=section&id=1Q%202024%20Highlights) The company reported stable Q1 results with slight revenue growth to $33.0 billion, driven by strong wireless service revenue and broadband net additions Q1 2024 Key Financial and Operational Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | $33.0 billion | $32.9 billion | +0.2% | | **Net Income** | $4.7 billion | $5.0 billion | -6.0% | | **Adjusted EBITDA** | $12.1 billion | $11.9 billion | +1.7% | | **EPS** | $1.09 | $1.17 | -6.8% | | **Adjusted EPS** | $1.15 | $1.20 | -4.2% | | **Total Wireless Service Revenue** | $19.5 billion | $18.9 billion | +3.3% | | **Retail Postpaid Phone Net Losses** | (68,000) | (127,000) | Improvement | | **Total Broadband Net Additions** | 389,000 | 437,000 | -11.0% | - Fixed wireless continues to be a major growth driver, with **3.4 million total subscribers** and Q1 revenue of **$452 million**, up $197 million year-over-year[3](index=3&type=chunk) - The company is on track to meet its 2024 financial guidance and expects to deliver **positive Consumer postpaid phone net adds** for the full year[4](index=4&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20results) [Financial Performance Details](index=2&type=section&id=Consolidated%20results%3A%20Verizon%20delivers%20on%20three%20key%20metrics%3A%20wireless%20service%20revenue%2C%20adjusted%20EBITDA%20and%20cash%20flow) Consolidated revenue grew slightly to $33.0 billion, supported by a 3.3% increase in wireless service revenue and higher free cash flow Q1 2024 Consolidated Financials vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Total Operating Revenue** | $33.0 billion | $32.9 billion | | **Wireless Service Revenue** | $19.5 billion | $18.9 billion | | **Consolidated Net Income** | $4.7 billion | $5.0 billion | | **Consolidated Adjusted EBITDA** | $12.1 billion | $11.9 billion | | **Cash Flow from Operations** | $7.1 billion | $8.3 billion | | **Capital Expenditures** | $4.4 billion | $6.0 billion | | **Free Cash Flow** | $2.7 billion | $2.3 billion | - Total unsecured debt stood at **$128.4 billion** at the end of Q1 2024, a decrease of $3.6 billion year-over-year, with a net unsecured debt to adjusted EBITDA ratio of **2.6 times**[7](index=7&type=chunk) [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income declined to $4.72 billion from $5.02 billion year-over-year, primarily due to higher operating and interest expenses Q1 2024 vs Q1 2023 Income Statement (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Total Operating Revenues** | $32,981 | $32,912 | | **Operating Income** | $7,521 | $7,584 | | **Interest Expense** | ($1,635) | ($1,207) | | **Net Income** | $4,722 | $5,018 | | **Diluted EPS** | $1.09 | $1.17 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets remained stable at $380.2 billion, while total debt decreased to $151.7 billion and total equity increased to $95.7 billion Balance Sheet Highlights (as of March 31, 2024, in millions) | Account | 3/31/2024 | 12/31/2023 | | :--- | :--- | :--- | | **Total Current Assets** | $37,957 | $36,814 | | **Property, Plant and Equipment, net** | $107,863 | $108,310 | | **Total Assets** | $380,158 | $380,255 | | **Total Current Liabilities** | $53,631 | $53,223 | | **Long-term Debt** | $136,104 | $137,701 | | **Total Liabilities** | $284,432 | $286,456 | | **Total Equity** | $95,726 | $93,799 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Free cash flow increased to $2.7 billion for the quarter, driven by a significant reduction in capital expenditures despite lower operating cash flow Q1 2024 vs Q1 2023 Cash Flows (in millions) | Cash Flow Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $7,084 | $8,289 | | **Capital Expenditures** | ($4,376) | ($5,958) | | **Net Cash Used in Investing Activities** | ($5,245) | ($6,110) | | **Net Cash Used in Financing Activities** | ($1,428) | ($2,383) | [Segment Performance](index=3&type=section&id=Segment%20Performance) [Verizon Consumer](index=3&type=section&id=Verizon%20Consumer) The Consumer segment's revenue grew 0.8% to $25.1 billion, with improved subscriber trends and strong fixed wireless access growth [Financial Results](index=3&type=section&id=Consumer%20-%20Selected%20Financial%20Results) Consumer segment revenue grew to $25.1 billion, fueled by a 3.4% increase in wireless service revenue and an expanded EBITDA margin Consumer Segment Financials (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $25.1 billion | $24.9 billion | +0.8% | | **Wireless Service Revenue** | $16.1 billion | $15.6 billion | +3.4% | | **Operating Income** | $7.4 billion | $7.1 billion | +3.8% | | **Segment EBITDA** | $10.7 billion | $10.3 billion | +3.6% | | **Segment EBITDA Margin** | 42.6% | 41.5% | +110 bps | [Operating Statistics](index=3&type=section&id=Consumer%20-%20Selected%20Operating%20Statistics) The segment reported its best Q1 postpaid phone net loss performance since 2018, alongside continued growth in FWA and Fios Internet subscribers Consumer Segment Key Operating Metrics (Q1 2024) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Wireless Retail Postpaid Phone Net Losses** | (158,000) | (263,000) | | **Fixed Wireless Net Additions** | 203,000 | 256,000 | | **Fios Internet Net Additions** | 49,000 | 63,000 | | **Wireless Retail Postpaid Phone Churn** | 0.83% | 0.84% | | **Wireless Retail Postpaid ARPA** | $135.75 | $130.06 | [Verizon Business](index=4&type=section&id=Verizon%20Business) The Business segment's revenue declined 1.6% to $7.4 billion, though it achieved record fixed wireless net additions of 151,000 [Financial Results](index=4&type=section&id=Business%20-%20Selected%20Financial%20Results) Business segment revenue was $7.4 billion, as a 2.7% growth in wireless service revenue was offset by declines in wireline revenue Business Segment Financials (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $7.4 billion | $7.5 billion | -1.6% | | **Wireless Service Revenue** | $3.4 billion | $3.3 billion | +2.7% | | **Operating Income** | $399 million | $551 million | -27.6% | | **Segment EBITDA** | $1.5 billion | $1.6 billion | -7.2% | | **Segment EBITDA Margin** | 20.7% | 22.0% | -130 bps | [Operating Statistics](index=4&type=section&id=Business%20-%20Selected%20Operating%20Statistics) The segment achieved a record quarter for fixed wireless net additions and reported 90,000 postpaid phone net additions Business Segment Key Operating Metrics (Q1 2024) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Wireless Retail Postpaid Phone Net Additions** | 90,000 | 136,000 | | **Fixed Wireless Net Additions** | 151,000 | 137,000 | | **Wireless Retail Postpaid Phone Churn** | 1.13% | 1.16% | [Total Wireless Performance](index=15&type=section&id=Supplemental%20Information%20-%20Total%20Wireless%20Operating%20and%20Financial%20Statistics) Total wireless service revenue grew 3.3% to $19.5 billion, with strong FWA revenue growth of 77.3% to $452 million Total Wireless Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Wireless Service Revenue** | $19,513 M | $18,889 M | +3.3% | | **FWA Revenue** | $452 M | $255 M | +77.3% | | **Retail Postpaid Net Additions** | 253,000 | 633,000 | -60.0% | | **Retail Postpaid Phone Net Losses** | (68,000) | (127,000) | +46.5% | | **Retail Postpaid Phone Churn** | 0.89% | 0.90% | -1 bp | [2024 Outlook and Guidance](index=4&type=section&id=Outlook%20and%20guidance) [Full-Year 2024 Guidance](index=4&type=section&id=Outlook%20and%20guidance%3A%20Verizon%20is%20on%20track%20to%20meet%20financial%20guidance) Verizon reaffirmed its full-year 2024 guidance, expecting growth in wireless service revenue and adjusted EBITDA 2024 Full-Year Financial Guidance | Metric | Guidance Range | | :--- | :--- | | **Total Wireless Service Revenue Growth** | 2.0% to 3.5% | | **Adjusted EBITDA Growth** | 1.0% to 3.0% | | **Adjusted EPS** | $4.50 to $4.70 | | **Capital Expenditures** | $17.0B to $17.5B | | **Adjusted Effective Income Tax Rate** | 22.5% to 24.0% | [Non-GAAP Reconciliations](index=16&type=section&id=Non-GAAP%20Reconciliations) [Consolidated Adjusted EBITDA Reconciliation](index=16&type=section&id=Consolidated%20EBITDA%20and%20Consolidated%20Adjusted%20EBITDA) This section reconciles Q1 2024 Net Income of $4.7 billion to Consolidated Adjusted EBITDA of $12.1 billion Q1 2024 Adjusted EBITDA Reconciliation (in millions) | Line Item | Q1 2024 | | :--- | :--- | | **Consolidated Net Income** | $4,722 | | Provision for income taxes | $1,353 | | Interest expense | $1,635 | | Depreciation and amortization | $4,445 | | **Consolidated EBITDA** | **$12,155** | | Special Items Adjustments | ($83) | | **Consolidated Adjusted EBITDA** | **$12,072** | [Net Unsecured Debt Ratio Reconciliation](index=18&type=section&id=Net%20Unsecured%20Debt%20and%20Net%20Unsecured%20Debt%20to%20Consolidated%20Adjusted%20EBITDA%20Ratio) The ratio of net unsecured debt to LTM consolidated adjusted EBITDA remained stable at 2.6x as of March 31, 2024 Net Unsecured Debt Ratio (as of March 31, 2024) | Metric | Amount (in millions) | | :--- | :--- | | **Total Debt** | $151,698 | | Less: Secured debt | ($23,290) | | **Unsecured Debt** | **$128,408** | | Less: Cash and cash equivalents | ($2,365) | | **Net Unsecured Debt** | **$126,043** | | **Consolidated Adjusted EBITDA (LTM)** | **$47,959** | | **Net Unsecured Debt to Adjusted EBITDA Ratio** | **2.6x** | [Adjusted EPS Reconciliation](index=18&type=section&id=Adjusted%20EPS) Reported GAAP EPS of $1.09 was adjusted for $0.06 in special items, resulting in an Adjusted EPS of $1.15 for Q1 2024 Q1 2024 EPS to Adjusted EPS Reconciliation | Item | Per Share Amount | | :--- | :--- | | **GAAP EPS** | **$1.09** | | Amortization of acquisition-related intangible assets | $0.04 | | Legacy legal matter | $0.02 | | **Adjusted EPS** | **$1.15** | [Free Cash Flow Reconciliation](index=18&type=section&id=Free%20Cash%20Flow) Free cash flow increased to $2.7 billion in Q1 2024 from $2.3 billion in the prior year, driven by lower capital expenditures Q1 2024 Free Cash Flow (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $7,084 | $8,289 | | Capital Expenditures | ($4,376) | ($5,958) | | **Free Cash Flow** | **$2,708** | **$2,331** |