Verizon's Q3 2024 Earnings: A Strong Performance in Mobility and Broadband
Tuesday, Oct 22, 2024 8:50 pm ET
1min read Verizon Communications Inc. (VZ) reported its third-quarter 2024 earnings, showcasing robust performance in both mobility and broadband segments. The company's strategic moves and operational excellence have driven strong results, positioning Verizon for disciplined growth.
Verizon's wireless service revenue grew by 2.7% year over year, reaching $19.8 billion. This increase was primarily driven by pricing actions implemented in recent quarters and growth from fixed wireless connections. The company more than doubled its wireless postpaid phone net additions year over year, with retail postpaid phone net additions of 239,000 and retail postpaid net additions of 349,000. Verizon's retail postpaid phone churn was 0.89%, and retail postpaid churn was 1.16%.
In the broadband segment, Verizon achieved its fixed wireless subscriber target 15 months ahead of schedule, with total fixed wireless net additions of 363,000. This success reflects the product's popularity and customer demand for high-quality broadband services. Total broadband net additions were 389,000, marking the ninth consecutive quarter with more than 375,000 broadband net additions. Fixed wireless revenue for the third quarter was $562 million, up $215 million year over year.
Verizon's consolidated adjusted EBITDA for the third quarter was $12.5 billion, up from $12.2 billion in the third quarter of 2023. The company's earnings per share (EPS) were $0.78, compared with earnings per share of $1.13 in the third quarter of 2023. On an adjusted basis, excluding special items, EPS was $1.19 in the third quarter of 2024, compared with adjusted EPS of $1.22 in the third quarter of 2023.
Verizon's total operating revenue in the third quarter was $33.3 billion, essentially flat compared to the third quarter of 2023. This result reflects service and other revenue growth offset by declines in wireless equipment revenue. Cash flow from operations year-to-date totaled $26.5 billion, compared with $28.8 billion in 2023. Capital expenditures year-to-date were $12.0 billion.
Verizon's strong performance in Q3 2024 demonstrates the company's commitment to profitable growth and disciplined expansion. With its new products, brand refresh, and strategic acquisitions, Verizon is well-positioned to continue delivering strong results in mobility and broadband.
Verizon's wireless service revenue grew by 2.7% year over year, reaching $19.8 billion. This increase was primarily driven by pricing actions implemented in recent quarters and growth from fixed wireless connections. The company more than doubled its wireless postpaid phone net additions year over year, with retail postpaid phone net additions of 239,000 and retail postpaid net additions of 349,000. Verizon's retail postpaid phone churn was 0.89%, and retail postpaid churn was 1.16%.
In the broadband segment, Verizon achieved its fixed wireless subscriber target 15 months ahead of schedule, with total fixed wireless net additions of 363,000. This success reflects the product's popularity and customer demand for high-quality broadband services. Total broadband net additions were 389,000, marking the ninth consecutive quarter with more than 375,000 broadband net additions. Fixed wireless revenue for the third quarter was $562 million, up $215 million year over year.
Verizon's consolidated adjusted EBITDA for the third quarter was $12.5 billion, up from $12.2 billion in the third quarter of 2023. The company's earnings per share (EPS) were $0.78, compared with earnings per share of $1.13 in the third quarter of 2023. On an adjusted basis, excluding special items, EPS was $1.19 in the third quarter of 2024, compared with adjusted EPS of $1.22 in the third quarter of 2023.
Verizon's total operating revenue in the third quarter was $33.3 billion, essentially flat compared to the third quarter of 2023. This result reflects service and other revenue growth offset by declines in wireless equipment revenue. Cash flow from operations year-to-date totaled $26.5 billion, compared with $28.8 billion in 2023. Capital expenditures year-to-date were $12.0 billion.
Verizon's strong performance in Q3 2024 demonstrates the company's commitment to profitable growth and disciplined expansion. With its new products, brand refresh, and strategic acquisitions, Verizon is well-positioned to continue delivering strong results in mobility and broadband.
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