Verizon Q4 Profit Tops Estimates; Sees FY23 Earnings Below Market; Stock Down In Pre Market

(RTTNews) - Verizon Communications Inc. (VZ) reported Tuesday higher profit in its fourth quarter with increased revenues. Adjusted earnings topped market estimates.

Looking ahead for fiscal 2023, the company projects weak adjusted earnings, below market estimates.

In pre-market activity on the NYSE, Verizon shares were losing around 2.7 percent to trade at $38.55.

In the fourth quarter, net income was $6.7 billion, an increase of 41.4 percent from the prior year.

Verizon reported earnings per share of $1.56, compared with prior year's $1.11. On an adjusted basis, earnings per share were $1.19, compared with $1.33 a year ago.

On average, eight analysts polled by Thomson Reuters expected earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue was $35.3 billion, an increase of 3.5 percent from fourth-quarter 2021. Analysts estimated revenues of $35.14 billion for the quarter.

For 2023, Verizon expects adjusted earnings per share of $4.55 to $4.85, and adjusted EBITDA of $47.0 billion to $48.5 billion. Analysts estimate earnings of $4.99 per share for the full year.

In fiscal 2022, reported earnings per share were $5.06 and adjusted earnings per share were $5.18.

Further, the company expects total wireless service revenue growth of 2.5 percent to 4.5 percent for the next year.

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