- Verizon Communications Inc VZ reported a fourth-quarter FY22 sales growth of 3.5% year-on-year to $35.3 billion, beating the consensus of $35.1 billion.
- Adjusted EPS of $1.19 was in line with the consensus.
- Total wireless service revenue was $18.8 billion, up 5.9% Y/Y, reflecting the company's ownership of TracFone, further progress on its premium Unlimited strategy, and pricing actions. Postpaid phone net additions of 217,000, and retail postpaid net additions of 1,434,000, marked the best single-quarter performance in seven years.
- The quarter marked 416,000 total broadband net additions.
- Total Verizon Business revenues were $7.9 billion, up 1.2% Y/Y. Total Verizon Consumer revenue grew 4.2% Y/Y to $26.8 billion.
- Consumer wireless retail postpaid churn was 1.06%, and wireless retail postpaid phone churn was 0.86%.
- Verizon Consumer clocked wireless retail postpaid phone net additions of 41,000. Verizon Consumer had fixed wireless net additions of 262,000.
- The consumer segment EBITDA margin was 37.9%, down from 40.3% a year earlier, while the business segment EBITDA margin was 21.3%, down from 23.5% a year ago.
- Adjusted EBITDA of $11.7 billion was down 0.2% Y/Y.
- Chairman and CEO Hans Vestberg said, "Wireless mobility and nationwide broadband will be two of the most significant contributors to our growth for the next several years."
- FY23 Outlook: Verizon expected reported wireless service revenue growth of 2.5% - 4.5%.
- Verizon expected adjusted EPS of $4.55 - $4.85, below the consensus of $4.99.
- Price action: VZ shares traded lower by 1.59% at $39.00 in premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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