Verizon released the earnings results from its first fiscal quarter this morning before opening bell, posting earnings of $1.02 per share on revenue of $32 billion, a 3.8% increase compared to last year. Analysts had been expecting earnings of 95 cents per share on $32.3 billion in revenue.
Key metrics from Verizon’s earnings report
In the same quarter a year ago, Verizon reported adjusted earnings of 84 cents per share and reported earnings of 84 cents per share on $30.82 billion in revenue. This year’s earnings included no adjustments, making the GAAP and non-GAAP result the same.
Verizon Chairman and Chief Executive Officer Lowell McAdam said in a statement this morning: :”Verizon is off to a strong start in 2015 with another quarter of profitable growth. We expanded our base of customers seeking a premium experience, and we grew revenues, earnings and cash flow during a quarter in which we also took significant steps to sharpen our strategic focus.” He added, “We are confident in our ability to maintain momentum and continue to add value for customers and shareholders.”
Verizon’s earnings results by segment
Verizon reported $22.3 billion in Wireless revenues, a 6.9% increase year over years. Services revenues fell 0.4% to $17.9 billion for the quarter, and revenues from equipment increased due to success in the Verizon Edge program. The Wireless segment reported 565,000 retail postpaid net additions, a 4.8% year over year increase, to bring the total of retail connections to 108.6 million, a 5.1% increase from last year. Verizon added 621,000 4G smartphones, and 4G devices are now 70% of Verizon’s total retail connections.
The company’s Wireline segment reported $4 billion in consumer revenues, a 4% increase. FiOS revenues increased 10.2% to $3.4 billion. Verizon reported 133,000 new FiOS Internet connections and 90,000 new FiOS Video connections, bringing the totals to 6.7 million in FiOS Internet customers and 5.7 million FiOS Video customers by the end of the quarter.
Verizon reported a total of 9.2 mililon Broadband connections with an increase of 41,000 connections during the quarter.