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Verizon continues double-digit earnings growth in Q3
2013-10-17 14:55:00| Telecompaper Headlines
(Telecompaper) Verizon reported another double-digit increase in earnings in the quarter, with EPS growing to 78 cents from 56 a year earlier. Revenues increased 4.4 percent to USD 30.3 billion, and operating profit improved 30.0 percent to USD 7.1 billion. Adjusted EBITDA was up 16.9 percent to USD 11.3 billion, and the margin improved to 37.3 percent from 33.3 a year ago. In the first nine months of 2013, Verizon increased capital expenditure to USD 11.8 billion from USD 11.3 billion in the year-earlier period. Free cash flow was still up 23.3 percent over the same period to USD 16.6 billion. Verizon said it has also successfully arranged the financing to buy out Vodafone's stake in Verizon Wireless, with a USD 49 billion debt offering and an agreement for up to USD 12 billion in term loans. Growth in the third quarter was again driven by Wireless, with service revenues up 8.4 percent year-on-year to USD 17.5 billion. The EBITDA margin on service revenues rose by 110 basis points to 33.8 percent, and Verizon said it was on track to deliver a margin of 49-50 percent for the full year, after a result of 50.4 percent in the first nine months. The retail mobile customer base increased by a net 1.1 million lines in the three months, including 927,000 postpaid subscribers, to a total 101.2 million at the end of September. The company expects customer growth to increase sequentially in the fourth quarter.
Tags: growth
continues
earnings
verizon
Category:Telecommunications