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Verizon Communications Inc. upped its free-cash-flow expectations for the year, and shares of the telecommunications company were headed about 2% higher in Tuesday’s premarket trading.
The company reported net income of $4.9 billion, or $1.13 a share, compared with $5.0 billion, or $1.17 a share, in the year-earlier period. On an adjusted basis, Verizon
VZ,
earned $1.22 a share, whereas the FactSet consensus was for $1.18 a share.
Revenue fell to $33.3 billion from $34.2 billion and matched the FactSet consensus. The company reported $25.3 billion in revenue from its consumer business and $7.5 billion in revenue from its business unit.
The company notched a net gain of 100,000 postpaid phone subscribers in the third quarter. Total retail postpaid phone churn was 0.9%.
Verizon switched up its plans back in May, simplifying the array of offerings while letting consumers customize their add-on services. The company also saw some early availability of Apple Inc.’s iPhone 15 at the end of the latest quarter.
The company now expects more than $18 billion in free cash flow for the full year, up by $1 billion relative to the prior target. Free cash flow is a notable metric for Verizon investors due to the company’s dividend obligations.
Verizon also anticipates that capital spending will fall at the higher end of the company’s previously guided range, which was for $18.25 billion to $19.25 billion.
The results from Verizon come after peer AT&T Inc.
T,
delivered an upbeat report last week, boosting its free-cash-flow outlook for the full year and racking up 468,000 postpaid phone net additions. T-Mobile US Inc.
TMUS,
delivers results Wednesday morning, while cable giants Comcast Corp.
CMCSA,
and Charter Communications Inc.
CHTR,
which have gotten into the wireless business through a mobile virtual network operator (MVNO) model that leverages Verizon’s network, report Thursday and Friday mornings, respectively.
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