Verizon Communications Inc. (VZ) Reports Lower Income And EPS For Q1

(CTN News) – Today, Verizon Communications, the leading telecommunications company in the world, announced its Q1 2024 results have been released.

While Verizon’s Q4 2023 results were an improvement over its disappointing results earlier in the year, they still didn’t meet company expectations.

Results of the financial year

During the first quarter of 2024, Verizon’s total operating revenue was $33.0 billion, up 0.2 percent compared with the first quarter of 2023.

According to the company, it reported consolidated net income of $4.7 billion in the first quarter of this year, compared to $5.0 billion in the first quarter of 2023, and consolidated adjusted EBITDA of $12.1 billion, up from $11.9 billion in the first quarter of 2023.

EPS (Earnings per share)

In Q1 2023, Verizon announced profits per share (EPS) of $1.09, compared with $1.17 in the previous quarter; adjusted earnings per share, excluding special items, of $1.15, compared with $1.20 in the previous quarter.

The expectations of analysts

I would like to draw your attention to the fact that Verizon today’s results were slightly below the forecasts for today’s earnings.

As a general rule of thumb, revenue today was expected to be $33.23 billion for Q1 2024. This was a decline of almost 1% compared to last year, while earnings per share were expected to be $1.12 down from the previous year.

Results compared to previous results

According to the company’s Q4 2023 results released in January, these figures were in stark contrast to those today:

• Adjusted earnings per share, excluding special items, in Q4 2023 were $1.08 and ($0.64) in Q4 2022.

• A total of $35.1 billion in operating revenue was reported during the fourth quarter of 2022, a decrease of 0.3 percent.

• For the fourth quarter of 2015, the company reported a net loss of $2.6 billion and adjusted EBITDA of $11.7 billion.

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