Verizon Communications Inc. (NYSE: VZ) reported fourth-quarter and full-year 2015 results before markets opened Thursday. The telecom giant posted quarterly adjusted earnings per share (EPS) of $0.89 on revenues of $34.25 billion. In the same period a year ago, Verizon reported EPS of $0.71 on revenues of $33.19 billion. Fourth-quarter results also compare to the consensus estimates for EPS of $0.88 on revenues of $34.06 billion.

For the full year, Verizon posted EPS of $3.99 and revenues of $131.62 billion, compared with 2014 EPS of $3.35 and revenues of $127.08 billion. Analysts were looking for $3.97 EPS and $131.46 billion in revenues.

In the fourth quarter of 2014, adjusted EPS excluded a $0.40 per share credit related to severance, pension and benefits payments and a $0.04 per share credit related to a gain on the sale of spectrum licenses. On a GAAP basis, quarterly EPS totaled $1.32.

Verizon Wireless added 1.5 million net retail postpaid connections in the fourth quarter. At the end of the quarter Verizon Wireless claimed 35.74 million retail accounts and 112.1 million retail connections. Average revenue per (postpaid) account (ARPA) fell 4.5% year over year to $152.63 a month.

Wireless operating margin in the second quarter improved from 23.5% in the fourth quarter of 2014 to 328.6% this year. Total revenues in the wireless business came in at $23.73 billion, up 1.2% year over year. Operating expenses fell by 5.6% to $16.94 billion. Net income rose 23.6% year over year in the quarter.

In the fourth-quarter’s wireline business, revenues slipped 0.9% to $9.47 billion, and operating margin improved from 4.4% in the year-ago quarter to 7.3%

Verizon claimed 7 million Internet connections and 5.8 million video connections to its FiOS fiber network at the end of December, up 6.3% and 3.2%, respectively.

In its outlook Verizon reiterated its statement that it expects full-year 2016 adjusted earnings “to plateau at a level comparable” to fiscal 2015 levels. Capital spending is earmarked at $17.2 billion to $17.7 billion. The company also said that it expects $150 million in capital spending on the wireline properties it is selling to Frontier Communications. Verizon plans to use proceeds from the sale to Frontier to pay down debt. The companies expect the transaction to close at the end of the first quarter of 2016.

The company’s CEO said:

In 2015, Verizon delivered strong and balanced results in a dynamic competitive environment while returning more than $13.5 billion to shareholders. At the same time, Verizon built and acquired next-generation network capabilities that position the company to be an innovator in the digital-first mobile world in 2016 and beyond.

Consensus estimates for the first quarter call for EPS of $1.05 on revenues of $32.76 billion. For the full 2016 fiscal year, estimated EPS totals $3.98 on revenues of $131.95 billion.

Shares traded up about 0.4% at $44.60 in premarket trading Thursday, in a 52-week range of $38.06 to $50.86. Prior to this release, Thomson/Reuters had a consensus price target of $50.54 on the company’s shares.

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