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Verizon Tops Earnings Expectations, Points to Traction in 5G -- MarketWatch

07/21/2021 | 06:51am EDT

By Emily Bary

Verizon Communications Inc. topped second-quarter earnings and revenue expectations Wednesday as more consumers moved to get 5G phones and unlimited plans.

The company generated net income of $5.95 billion, or $1.40 a share, compared with $4.84 billion, or $1.13 a share, a year earlier. On an adjusted basis, Verizon earned $1.37 a share, up from $1.18 a share a year prior and ahead of the FactSet consensus, which called for $1.30 a share.

Verizon's operating revenue for the quarter rose to $33.76 billion from $30.45 billion, while analysts tracked by FactSet had been expecting $32.77 billion on average. The company saw $23.5 billion in consumer revenue, $7.8 billion in business revenue, and $2.1 billion in media revenue.

In the consumer business, Verizon recorded retail postpaid phone churn of 0.65%, one of its lowest rates yet as a limited number of consumers switched wireless providers. Verizon also saw 350,000 retail postpaid net additions, including 197,000 phone net additions, and said that about 20% of wireless phone customers in the consumer segment are now using 5G phones.

The telecommunications company now expects total wireless service revenue growth of 3.5% to 4.0% for the full fiscal year, whereas it was previously calling for growth of at least 3%. Verizon withdrew its prior expectation for service and other revenue growth as it recently announced plans to sell its Verizon Media business, with the deal expected to close in the third quarter.

Verizon now projects full-year adjusted earnings per share of $5.25 to $5.35, up from its prior expectation for $5.00 to $5.15. The company continues to expect 2021 capital spending of $17.5 billion to $18.5 billion.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

07-21-21 0851ET

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Analyst Recommendations on VERIZON COMMUNICATIONS
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Financials (USD)
Sales 2021 135 B - -
Net income 2021 21 816 M - -
Net Debt 2021 144 B - -
P/E ratio 2021 10,3x
Yield 2021 4,69%
Capitalization 224 B 224 B -
EV / Sales 2021 2,72x
EV / Sales 2022 2,67x
Nbr of Employees 132 200
Free-Float 96,5%
Duration : Period :
Verizon Communications Technical Analysis Chart | VZ | US92343V1044 | MarketScreener
Technical analysis trends VERIZON COMMUNICATIONS
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 28
Last Close Price 54,03 $
Average target price 60,29 $
Spread / Average Target 11,6%
EPS Revisions
Managers and Directors
Hans Erik Vestberg Chairman & Chief Executive Officer
Matthew D. Ellis Chief Financial Officer & Executive Vice President
Kyle J. Malady Chief Technology Officer & Executive VP
Shankar Arumugavelu Global Chief Information Officer
Craig Silliman Chief Administrative & Legal Officer, Executive VP
Sector and Competitors