Verizon reports EPS in-line, beats on revs; guides FY24 EPS in-line
- Reports Q4 (Dec) earnings of $1.08 per share, excluding non-recurring items, in-line with the FactSet Consensus of $1.08; revenues fell 0.6% year/year to $35.1 bln vs the $34.55 bln FactSet Consensus.
- Total broadband net additions of 413,000, represented the fifth consecutive quarter that Verizon reported more than 400,000 broadband net additions. Total broadband net additions included 375,000 fixed wireless net additions, bringing the subscriber base to over 3 million.
- Verizon is ahead of schedule to achieve its goal of 4 to 5 million subscribers by the end of 2025.
- 55,000 Fios Internet net additions, down 4,000 from the fourth-quarter 2022. 10.7 million total broadband subscribers as of the end of fourth-quarter 2023.
- Total wireless service revenue of $19.4 billion, a 3.2 percent increase year over year.
- Retail postpaid phone net additions of 449,000, and retail postpaid net additions of 1,460,000. Retail postpaid churn of 1.18 percent, and retail postpaid phone churn of 0.93 percent.
- Co issues in-line guidance for FY24, sees EPS of $4.50-4.70, excluding non-recurring items, vs. $4.60 FactSet Consensus.
- Expects total wireless service revenue growth of 2.0 percent to 3.5 percent for FY24.
- Sees FY24 Adjusted EBITDA growth of 1.0 percent to 3.0 percent.