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Verizon Communications Posts 19% Rise in Quarterly Profits
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Verizon Communications today reported a second consecutive quarter of double-digit percentage growth in year-over-year earnings results and significant increases in operating cash flow.
The group revenues rose by 3.7% to US$28.6 billion, while net profits rose by 18.9% to US$4.29 billion.
For the company's Wireless joint-venture with Vodafone, the company saw service revenues rise by 7.3% to US$15.8 billion. Data revenues were $6.9 billion, up $1.1 billion -- or 18.5 percent -- year over year, and represent 43.6 percent of all service revenues. Total revenues were $18.6 billion, up 7.4 percent year over year.
Verizon Wireless added 1.2 million retail net customers in the second quarter, including 888,000 retail postpaid net customers. These additions exclude acquisitions and adjustments. At the end of the second quarter, the company had 94.2 million retail customers, a 4.9 percent increase year over year, including 88.8 million retail postpaid customers.
In the landline division, operating revenues were $9.9 billion, a decline of 3.1 percent compared with second-quarter 2011.
"Verizon delivered another strong quarter of earnings growth and cash generation, and we remain on track to meet our financial objectives and produce solid double-digit earnings growth for the year," said Lowell McAdam, Verizon chairman and CEO. "Verizon Wireless has once again demonstrated its industry leadership, combining strong revenue growth with record margins and high customer loyalty. We reported sequential improvement in second-quarter Wireline margins, and we expect to see that improving trend carry through the second half of the year."
For full-year 2012, capital expenditures are expected to be flat to down compared with 2011 capital expenditures of $16.2 billion.
The company ended the period with total debt of US$52.4 billion.
Tags: [verizon communications] [verizon wireless] [USA]
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