(Verizon) Verizon Communications Inc.’s net income hit $6.6 billion in the third quarter of 2021, up 45.5% from the comparable quarter of 2020.
Earnings per share of $1.55 was reported in the third quarter, up from $1.05 in the third quarter of 2020, exceedings experts’ estimates.
Overall business revenues in the third quarter were $7.7 billion, a decline of 0.8% from the prior year.
The company reported operating revenue of $32.9 billion, a gain of 4.3% from the prior year. Total wireless service revenue came at $17.1 billion, up 3.9% year over year.
Verizon posted 129,000 broadband net additions in the third quarter. There were about 699,000 retail postpaid net additions that included 429,000 for phones, taking the total retail connections to 122.0 million.
The company now projects a 4% increase in wireless service revenue in FY21, higher than initially projected 3.5%.
EPS is expected to range from $5.35 to $5.40 in FY21, higher than previously forecasted $5.25 to $5.35.
Verizon expects capital expenditure in the range of $15.5 billion and $18.5 billion in FY21.
VZ: NYSE is down -0.13% on premarket.
