Verizon Communications Inc. (NYSE: VZ) last Friday completed its acquisition of the 45% minority stake in Verizon Wireless held by Vodafone PLC (NASDAQ: VOD). On Monday morning, Verizon released its revised financial outlook for the current year.

The company expects adjusted earnings per share to rise by about 10% above the 2013 total of $2.84. The current consensus estimate calls for $3.50, so Verizon is considerably short of expectations.

Verizon’s estimate of revenue growth is now 4% above 2013 revenue. Based on $120.55 billion in 2013, revenue should come in around $125.37 billion, somewhat higher than the current consensus estimate of $125.02 billion.

The company also expects to expand its non-GAAP EBITDA margin from last year’s level of 34.9%. In Monday’s press release Verizon said it is “targeting increases” in both the wireline and wireless businesses.

The one figure everyone is most curious about is the company’s free cash flow, and that is the one figure Verizon did not address. The company did say that it “expects to deliver strong cash flows to fund network investments, reduce debt and support the dividend.” Verizon’s free cash flow will be the most closely watched number the company reports going forward.

Verizon shares were trading down 0.7% in premarket trading Monday, at $46.94 in a 52-week range of $45.08 to $54.31. Shares are down nearly 6% year to date. The consensus price target from Thomson/First Call is around $54.00.

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