For the full year, Verizon reported adjusted EPS of $2.24 on revenues of $115.85 billion, compared with EPS of $2.15 in 2011 on revenues of $110.88 billion. The consensus estimates called for EPS of $2.38 on revenues of $115.57 billion.
On a GAAP basis, the company reported a quarterly loss of $1.48 per share compared with a loss of $0.71 per share in the fourth quarter of 2011. The loss was attributed to noncash pension charges, nonoperational debt retirement, restructuring and the effects of Hurricane Sandy.
The company’s CEO said:
We delivered a total return of 13.2 percent to shareholders in 2012, and we enter 2013 ready to accelerate the momentum we’ve achieved and create significant shareholder value in the years to come.
Verizon Wireless, a joint venture with Vodafone PLC (NASDAQ: VOD), generated $20 billion in fourth-quarter revenues, up 9.5% year-over-year. Postpaid average revenue per account (ARPA) rose 6.6% to $146.80. Wireless operating margin came in at 24%, up slightly from 23.7% a year ago.
The number of retail postpaid customers grew by 2.1 million in the quarter, bringing Verizon’s total number of retail connections to 98.2 million.
In the wireline business, revenues declined 1.5% to $10 billion in the fourth quarter, with most of the growth coming from the company’s FiOS service. Operating margins in the wireline business were 1% in the quarter.
Verizon did not offer any guidance, but the consensus estimates for the first quarter of 2013 call for EPS of $0.66 on revenues of $29.56 billion. For the full year, estimated EPS totals $2.81 on revenues of $120.24 billion
Shares are down about 1.4% at $41.93 in premarket trading this morning in a 52-week range of $36.80 to $48.77. Prior to today’s release Thomson/Reuters had a consensus price target of around $46.30 on the company’s shares.
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
