Verizon Communications Third-Quarter Revenues Increase 6.7%, to a
Record $18.2 Billion; Wireless Revenues Up 23%
- Oct 28, 2004 06:25 AM (PR Newswire)
Quarterly Earnings of $1.8 Billion; Continued Strong Growth in Broadband and
Wireless Services; Continued Solid Cash Flows and Margins
THIRD-QUARTER HIGHLIGHTS
* Total Company: Earnings of 64 cents in diluted earnings per
share, or 65 cents per share before one special item
(non-GAAP); 6.7 percent, or $1.1 billion, growth in operating
revenues; $5.6 billion in cash flows from operating activities,
a $0.3 billion increase; $1.3 billion free cash flow (non-GAAP,
cash from operating activities less capital expenditures and
dividends); 19.8 percent consolidated operating income margin
(operating income divided by operating revenues)
* Wireless: 1.7 million net customer additions, an industry record for
the second consecutive quarter; 42.1 million total customers; 23.0
percent growth in total revenues; company-record average revenue per
customer; 22.5 percent operating income margin; churn (customer
turnover) of 1.5 percent per month
* Wireline: 11.5 percent growth in total data revenues; 8.7
percent growth in long-distance revenues; 309,000 net additions
of broadband DSL (digital subscriber lines); 3.3 million total
DSL lines; broadband, data, long-distance and Enterprise (large
business) services contribute to Domestic Telecom's second
sequential quarter of revenue growth
Notes: Growth percentages cited above compare third-quarter 2004
with third-quarter 2003. See the schedules accompanying this
news release and http://www.verizon.com/investor for
reconciliations to generally accepted accounting principles
(GAAP) for the non-GAAP financial measures included in this
announcement. Discontinued operations in the quarterly periods
presented include the operations of Verizon Information Services
Canada, following a third-quarter 2004 agreement to sell this
business.
NEW YORK, Oct. 28 /PRNewswire/ -- Showing continued strong revenue
growth, Verizon Communications Inc. (NYSE:VZ) today reported
third-quarter 2004 earnings of $1.8 billion -- 64 cents per diluted
share, or 65 cents per share before one special item.
Quarterly consolidated operating revenues topped $18 billion for the
first time in the company's history -- increasing 6.7 percent to $18.2
billion, compared with $17.1 billion in the third quarter 2003.
Also for the first time, Verizon Wireless contributed more than 40
percent of Verizon's total revenues. The nation's leading wireless
company grew revenues 23.0 percent to $7.3 billion, compared with $5.9
billion in the third quarter 2003.
This marks Verizon Wireless' ninth consecutive quarter of
double-digit, year-over-year revenue increases, and the third
consecutive quarter that increases totaled more than $1 billion
compared with the previous year's quarter.
Overall, Verizon's growth businesses -- wireless, long-distance,
broadband, data and Enterprise services -- accounted for 55 percent of
third-quarter 2004 revenues. This compares with 49 percent of
third-quarter 2003 revenues. Over the past year, revenues from these
businesses have grown by 20.8 percent.
Domestic Telecom operating revenues were $9.6 billion in the third
quarter 2004, a 2.1 percent decrease compared with the third quarter
2003 and a slight increase compared with the second quarter 2004. The
segment's third-quarter results included an 8.7 percent increase in
revenues from all long-distance services, which were $1.1 billion
compared with $1.0 billion in the third quarter 2003, and an 11.5
percent increase in total data revenues, which were $2.0 billion
compared with $1.8 billion in the third quarter 2003.
- http://finance.lycos.com/home/news/story.asp?story=44563915
Monty Solomon (monty@roscom.com)