Verizon

Verizon begins 2024 with strong wireless service revenue growth, solid cash flow and continued momentum in broadband First quarter performance positions Verizon for growth and profitability throughout 2024 1Q 2024 Highlights Consolidated: — Earnings per share of $1.09, compared with earnings per share of $1.17 in first-quarter 2023; adjusted EPS1, excluding special items, of $1.15, compared with $1.20 in first-quarter 2023. — Total operating revenue of $33.0 billion, up 0.2 percent from first-quarter 2023. — Consolidated net income for the first quarter of $4.7 billion, compared to consolidated net income of $5.0 billion in first-quarter 2023, and consolidated adjusted EBITDA1 of $12.1 billion, up from $11.9 billion in first-quarter 2023. Total Wireless: — Total wireless service revenue2 of $19.5 billion, a 3.3 percent increase year over year. — Retail postpaid phone net losses of 68,000, and retail postpaid net additions of 253,000. — Retail postpaid phone churn of 0.89 percent, […]

Verizon Communications (VZ) reported Q1 adjusted earnings Monday of $1.15 per share, down from $1.20 a year earlier. Analysts polled by Capital IQ expected $1.12. Revenue for the quarter ended March 31 was $32.98 billion, up from $32.91 billion a year earlier. Analysts surveyed by Capital IQ expected $33.23 billion. For full-year 2024, the wireless communications and mobile network company said it continues to expect adjusted earnings of $4.50 to $4.70 per share. Analysts polled by Capital IQ expect $4.57.

Verizon Communications is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. Verizon posted first-quarter adjusted earnings that topped Wall Street’s expectations amid a slightly better performance in its consumer business after years of erosion. Dow Jones & Co. owns Factiva

The following is a summary of the Verizon Communications Inc. (VZ) Q1 2024 Earnings Call Transcript: Financial Performance: Verizon reported a 3.3% year-over-year growth in Q1 2024 wireless service revenue. The adjusted EBITDA rose 1.4% YoY to $12.1 billion. The company’s free cash flow rose by 16%, nearing $400 million compared to Q1 2023, stating at $2.7 billion. Overall, net unsecured debt improved YoY by $3.7 billion, concluding the quarter at $126 billion. Verizon raised its quarterly dividends reflecting continued improvement in its payout ratio. Significant increase in free cash flow targeted for Q2 and aims to maintain growth in service revenue throughout 2024. Business Progress: Verizon has documented growth in its consumer business, expecting the number of customers on ‘myPlan’ to double by the end of 2024. As part of its C-band rollout, the company achieved significant milestones and completed a pension transaction to increase financial flexibility. Deals were

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target price at $33, applying an EV/EBITDA multiple of 6.4x to our 2024 estimate, a slight discount to peers, reflecting our weak growth outlook. We trim our 2024 EPS estimate by $0.01 to $4.57 and lower 2025’s by $0.02 to $4.65. VZ reported Q1 operating EPS of $1.15 vs. $1.20, $0.02 above the consensus. Q1 revenue increased 0.2%, driven by 1) 0.8% growth in the Consumer business, with gains in service partially offset by declines in wireless equipment revenue due to lower upgrades and 2) a 1.6% fall in the Business segment, driven by declines in wireline and equipment revenue. Consumer postpaid net losses were 158k, while business postpaid adds were 90k with consolidated broadband net adds of 389k. While results came in

Verizon Communications’ (VZ) first-quarter financial results are likely to be mixed, with churn management seen as a key priority for this year, RBC Capital Markets said in a note e-mailed Tuesday. The telecommunications giant is scheduled to report first-quarter results April 22. RBC projects adjusted earnings to fall about 7% year over year to $1.12 per share amid higher interest costs. That result would match Wall Street’s views. The brokerage expects revenue to grow 0.1% to $32.96 billion, below the Street’s $33.3 billion estimate, mainly driven by wireless equipment sales, RBC analysts Jonathan Atkin and Bora Lee said. The firm projects wireless service revenue growth at 3.1% on an annual basis, led by 3.8% average revenue per account growth. The Street is looking for 3.2% and 3.9%, respectively, RBC said. Verizon is also likely to see continued momentum in gross additions, with consumer postpaid phone adds poised to grow 7.4%

RBC Capital analyst Jonathan Atkin maintains Verizon Communications (NYSE:VZ) with a Sector Perform and raises the price target from $36 to $40.

KeyBanc analyst Brandon Nispel had an Overweight rating on Verizon Communications Inc (NYSE:VZ) with a price target of $46. The analyst hosted a vNDR with Verizon’s CEO of Verizon Consumer Group (VCG), Sowmyanarayan Sampath (Sampath). Nispel noted that with operational changes implemented in 2023, Verizon will see better performance on the VCG in 2024. The analyst flagged the interesting commentary mainly centered around myPlan, where Verizon is seeing intake ARPUs increasing double digits Y/Y, myPlan lines will likely double in 2024 from 13 million as of the fourth quarter, and the attach rate on perks is up, which could help improve the margins. He noted that several changes should help enhance KPIs for VCG going forward. The analyst stated that Verizon is beginning to talk more openly about using data within its business, whereby it tracks over 1,500 data points on every customer. The data allows VZ to implement personalized offers, break down

Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/20/2024 -11.63% RBC Capital $35 → $36 Maintains Sector Perform 01/31/2024 8% Barclays → $44 Downgrades Overweight → Equal-Weight 01/30/2024 15.37% Citigroup $45 → $47 Maintains Buy 01/26/2024 8% Barclays $42 → $44 Maintains Overweight 01/25/2024 22.73% Tigress Financial $45 → $50 Maintains Buy 01/24/2024 5.55% UBS $37 → $43 Maintains Neutral 01/24/2024 8% Wells Fargo $40 → $44 Maintains Equal-Weight 01/24/2024 12.91% Raymond James $42 → $46 Maintains Outperform 01/24/2024 15.37% Daiwa Capital → $47 Upgrades Neutral → Outperform 01/24/2024 12.91% Keybanc $45 → $46 Maintains Overweight 01/04/2024 12.91% Wolfe Research → $46 Upgrades Peer Perform → Outperform 01/03/2024 10.46% Keybanc → $45 Upgrades Sector Weight → Overweight 12/19/2023 5.55% Oppenheimer → $43 Reiterates Outperform → Outperform 12/14/2023 3.09% Citigroup $40 → $42 Maintains Buy 12/13/2023 -1.82% Wells

Verizon invests in customer experience; names first-ever Chief Experience Officer Also taps former Walmart executive Dory Butler to lead work across consumer channels NEW YORK, Feb. 05, 2024 (GLOBE NEWSWIRE) — Verizon is investing more in customer experience with the creation of an organization dedicated solely to creating the best experiences for customers and employees. Under Verizon Consumer CEO Sowmyanarayan Sampath, Brian Higgins has been appointed as the company’s first-ever Chief Customer Experience Officer for the consumer group. Former Walmart executive Dory Butler will join Higgins as senior vice president of Customer Experience, where she will lead the development and delivery of high-quality sales and service experiences focusing on the end-to-end consumer journey. The Customer Experience Organization will invest heavily in transforming the way customers do business with Verizon, and how our employees serve them. Focus areas include AI and personalization, digital channel and systems functionality and delivering best-in-class experiences

Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/30/2024 11.9% Citigroup $45 → $47 Maintains Buy 01/26/2024 4.76% Barclays $42 → $44 Maintains Overweight 01/25/2024 19.05% Tigress Financial $45 → $50 Maintains Buy 01/24/2024 2.38% UBS $37 → $43 Maintains Neutral 01/24/2024 4.76% Wells Fargo $40 → $44 Maintains Equal-Weight 01/24/2024 9.52% Raymond James $42 → $46 Maintains Outperform 01/24/2024 11.9% Daiwa Capital → $47 Upgrades Neutral → Outperform 01/24/2024 9.52% Keybanc $45 → $46 Maintains Overweight 01/04/2024 9.52% Wolfe Research → $46 Upgrades Peer Perform → Outperform 01/03/2024 7.14% Keybanc → $45 Upgrades Sector Weight → Overweight 12/19/2023 2.38% Oppenheimer → $43 Reiterates Outperform → Outperform 12/14/2023 -0% Citigroup $40 → $42 Maintains Buy 12/13/2023 -4.76% Wells Fargo $35 → $40 Maintains Equal-Weight 11/02/2023 7.14% Tigress Financial $64 → $45 Maintains Buy 10/25/2023 -9.52% Barclays $37

Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/26/2024 3.97% Barclays $42 → $44 Maintains Overweight 01/25/2024 18.15% Tigress Financial $45 → $50 Maintains Buy 01/24/2024 1.61% UBS $37 → $43 Maintains Neutral 01/24/2024 3.97% Wells Fargo $40 → $44 Maintains Equal-Weight 01/24/2024 8.7% Raymond James $42 → $46 Maintains Outperform 01/24/2024 11.06% Daiwa Capital → $47 Upgrades Neutral → Outperform 01/24/2024 8.7% Keybanc $45 → $46 Maintains Overweight 01/04/2024 8.7% Wolfe Research → $46 Upgrades Peer Perform → Outperform 01/03/2024 6.33% Keybanc → $45 Upgrades Sector Weight → Overweight 12/19/2023 1.61% Oppenheimer → $43 Reiterates Outperform → Outperform 12/14/2023 -0.76% Citigroup $40 → $42 Maintains Buy 12/13/2023 -5.48% Wells Fargo $35 → $40 Maintains Equal-Weight 11/02/2023 6.33% Tigress Financial $64 → $45 Maintains Buy 10/25/2023 -10.21% Barclays $37 → $38 Upgrades Equal-Weight → Overweight 08/29/2023 -5.48%