Verizon FiOS Adds To Boost Returns (VZ)

Verizon (NYSE:VZ) $0.63 EPS vs $0.62 estimates; Revenue rose to $23.77 Billion versus $23.67 Billion estimates.

• WIRELESS ADDS: 1.8 million net wireless adds (1.6 million after reductions in wholesale customers); 1.21% retail churn.
• WIRELINE: added 202,000 net FiOS TV customers to a total of 717,000 total FiOS TV customers with a total of over 1.5 million total video customers including satellite TV partnerships; added 229,000 net new FiOS Internet customers to a total of 1.3 million total FiOS net internet subscribers; 8 million total broadband customers.

Verizon is increasing the 2007 target for its share repurchase program to $2.5 billion, up $500 million from the original target.

"Our third-quarter results show that we have hit our stride as a leading wireless, broadband and enterprise company," said Verizon Chairman and CEO Ivan Seidenberg. "In recent years, we have transformed our business model and revenue base. Our results throughout 2007, and especially in the third quarter, show that our strategy has been successful. We expect to build on these results in the fourth quarter and beyond."

Shares are indicated up 0.8% at $46.00, versus Friday’s close of $45.60.  The 52-week trading range is $34.00 to $46.24.

Jon C. Ogg
October 29, 2007