October 22, 2024 - $Verizon (VZ.US)$ shares dropped 4.00% to $41.95 in pre-market trading on Tuesday. The company reported third-quarter 2024 results today.
Q3 Highlights
Total consolidated operating revenue in third-quarter 2024 was $33.3 billion, essentially flat compared to third-quarter 2023, as service and other revenue growth was offset by declines in wireless equipment revenue.
Total wireless service revenue in third-quarter 2024 was $19.8 billion, a sequential increase of $70 million, and an increase of 2.7 percent year over year. This increase was primarily driven by pricing actions implemented in recent quarters and growth from fixed wireless connections.
Free cash flow year-to-date was $14.5 billion, compared with $14.6 billion in 2023.Consolidated net income for third-quarter 2024 was $3.4 billion, down from consolidated net income of $4.9 billion in third-quarter 2023, and consolidated adjusted EBITDA was $12.5 billion, up from $12.2 billion in third-quarter 2023.
"This has been a pivotal quarter for Verizon, with transformative strategic moves and continued operational excellence. We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range," said Verizon Chairman and CEO Hans Vestberg. "Our new products — myPlan, myHome and Verizon Business Complete — and our brand refresh are resonating with customers. Through our pending acquisition of Frontier Communications, and our agreement for Vertical Bridge to lease, operate and manage thousands of wireless communications towers, we have set Verizon up for disciplined growth, now and into the future."
Outlook and guidance
For 2024, Verizon continues to expect the following:
Total wireless service revenue growth1 of 2.0 percent to 3.5 percent.
Adjusted EBITDA growth of 1% to 3%
Adjusted EPS of $4.50 to $4.70.
Capital expenditures between $17.0 billion and $17.5 billion.
Adjusted effective income tax rate in the range of 22.5 percent to 24.0 percent.
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