NEW YORK CITY (dpa-AFX) - Verizon Communications Inc. (VZ) reported consolidated net income for the third quarter of $3.4 billion, compared to $4.9 billion in third quarter 2023. The company said this decrease was primarily driven by severance charges of $1.7 billion related to separations under the voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives. Earnings per share was $0.78, compared with $1.13. Consolidated adjusted EBITDA was $12.5 billion, compared to $12.2 billion in third-quarter 2023. Adjusted EPS, excluding special items, was $1.19, compared with $1.22. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.18, for the quarter. Analysts' estimates typically exclude special items.
Total operating revenue was $33.3 billion, essentially flat compared to third-quarter 2023. Analysts on average had estimated $33.43 billion in revenue. Total wireless service revenue was $19.8 billion, an increase of 2.7 percent year over year.
Total Verizon Consumer revenue was $25.4 billion, an increase of 0.4 percent year over year. In third-quarter 2024, Consumer reported 81,000 wireless retail postpaid phone net additions, compared with 51,000 net losses, prior year. This improvement was driven by a 5.9 percent year over year increase in postpaid phone gross additions.
For 2024, Verizon continues to expect: total wireless service revenue growth of 2.0 percent to 3.5 percent; adjusted EBITDA growth of 1.0 percent to 3.0 percent; and adjusted EPS of $4.50 to $4.70.
'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 CEO Hans Vestberg.
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