Verizon beats by $0.04, reports revs in-line; reaffirms FY23 EPS guidance (31.39)
- Reports Q3 (Sep) earnings of $1.22 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $1.18; revenues fell 3.5% year/year to $33 bln vs the $33.27 bln FactSet Consensus.
- Co reaffirms guidance for FY23, sees EPS of $4.55-4.85 vs. $4.67 FactSet Consensus.
- Total wireless service revenue in third-quarter 2023 increased 2.9 percent year over year and 1.1 percent from second-quarter 2023. This increase was driven by targeted pricing actions implemented in recent quarters, the larger allocation of administrative and telco recovery fees from other revenue into wireless service revenue, and growth from fixed wireless offerings.
- Guidance Details: For 2023, Verizon expects the following: Cash flow from operations in the range of $36.25 billion to $37.25 billion. Capital spending at the higher end of the previously guided range of $18.25 billion to $19.25 billion. Free cash flow above $18 billion, a $1 billion increase from the previously issued guidance. In addition, for 2023, Verizon continues to expect the following: Total wireless service revenue growth 3 of 2.5 percent to 4.5 percent.