Verizon (NYSE:VZ) Earnings 3Q 2010

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3Q Highlights

  • 31 cents in diluted earnings per share (EPS), including 25 cents per share in non-operational items, compared with 3Q 2009 EPS of 41 cents.
  • $25.2 billion in cash flow from operations year-to-date; $13.4 billion in free cash flow (non-GAAP) year-to-date, up 25.3 percent.
  • Wireless
  • 997,000 total net customer additions, excluding acquisitions and adjustments, in 3Q 2010; 584,000 retail postpaid net customer additions in the quarter; continued low retail postpaid churn of 1.07 percent.
  • 93.2 million customers; 101.1 million total connections.
  • 6.0 percent increase in total revenues from 3Q 2009; 7.7 percent increase in service revenues; data revenues up 26.3 percent; 29.9 percent operating income margin and 47.2 percent Segment EBITDA margin on service revenues (non-GAAP).
  • Wireline
  • 226,000 net FiOS Internet and 204,000 net FiOS TV customer additions; 3.9 million total FiOS Internet customers and 3.3 million total FiOS TV customers.
  • 10.9 percent increase in consumer ARPU from 3Q 2009; FiOS revenues now represent approximately 50 percent of total consumer revenues.
  • 6.9 percent increase in strategic business services revenues, which now represent approximately 43 percent of total global enterprise revenues.
  • Verizon Communications Inc. (NYSE, NASDAQ: VZ) today reported continued strong cash flow in the third quarter 2010, and earnings and margin improvements compared with the second quarter 2010. In the third quarter, Verizon Wireless, FiOS and strategic business services produced continued strong revenue and customer growth.
  • The company reported 31 cents in EPS in third-quarter 2010, compared with 41 cents per share in third-quarter 2009. Third-quarter 2010 results included 25 cents per share in non-operational charges, the largest of which was a non-cash charge related to pension settlements.

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