Verizon Earnings: Dials Past Wall Street Revenue Expectation
Verizon Communications Inc. (NYSE:VZ) had a loss and missed Wall Street’s profit expectation, BUT beat the revenue expectation. Shares are down .38%.
Verizon Communications Inc. Earnings Cheat Sheet
Results: Net loss increased to $4.23 billion (or a loss of 1.48 cents per share) in the quarter versus a net loss of $2.02 billion in the year-earlier quarter.
Revenue: Rose 5.68% to $30.05 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Verizon Communications Inc. reported adjusted net income of 38 cents per share. By that measure, the company missed the mean analyst estimate of $0.5. It beat the average revenue estimate of $29.83 billion.
Quoting Management: “Verizon seized growth opportunities in the fourth quarter to cap a year of solid progress across the entire business,” said Lowell McAdam, Verizon chairman and CEO…
…We delivered a total return of 13.2 percent to shareholders in 2012, and we enter 2013 ready to accelerate the momentum we’ve achieved and create significant shareholder value in the years to come.”
Revenue increased 3.6% from $29.01 billion in the previous quarter. Net income increased to $0 in the quarter versus a net loss of $1.59 billion in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.67 to a profit $0.66. For the current year, the average estimate has moved down from a profit of $2.47 to a profit of $2.38 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)