Verizon’s third-quarter financial results met analyst expectations as the company added more than 600,000 net connections between July and September.
The nation’s largest wireless carrier on Thursday reported adjusted earnings of $0.98 per share amid net losses for early debt redemption, charges related to acquisitions including Yahoo and the impact of hurricanes in Texas and Florida.
Although adjusted earnings were down compared to the third quarter of 2016, CNBC notes that they met expectations compiled by Thomson Reuters.
The quarterly operating revenue of $31.7 billion, meanwhile, narrowly exceeded projections. Although revenue increased compared to the previous third quarter, it was down when excluding divestitures and acquisitions.
Verizon reported net income of $3.7 billion for the quarter as well as a $17.2 billion cash flow from operations in the first nine months of the year, which outpaced its $11.3 billion in capital expenditures over that span.
“Verizon Wireless delivered another quarter of profitable growth combined with strong customer loyalty,” chief executive Lowell McAdam said in a statement. “This success is based on the strength of the Verizon network, and I share the pride of all Verizon employees that our network aided and served first-responders and customers when they needed it most following the recent natural disasters.”
The company reported nearly 110 million postpaid mobile connections at the end of the quarter — a net increase of 603,000 — along with 5.6 million prepaid connections. The company added 242,000 smartphones, 91,000 tablets and 238,000 other devices such as wearables.
Total wireless revenues declined 2.4 percent in the latest quarter from the third quarter of 2016, but the company said that the slide was easing and noted that service revenues increased for the first time in three years. Nearly 80 percent of its postpaid customers are on monthly pricing plans rather than contracts.
Verizon officials expect full-year revenues to be consistent with 2016 totals, “with improvement in wireless service revenue and equipment revenue trends.”
