Verizon Posts Strong 2Q 2007 Results Highlighted by Gains in Earnings, Consolidated Margins and Cash Flows

full text:
Accelerating Revenue Growth Builds Momentum in Strategic Wireless, Broadband and Business Markets
2Q 2007 HIGHLIGHTS

  Consolidated Results
  -- $1.7 billion in earnings, or 58 cents in EPS, up from 43 cents EPS in
     the second quarter before discontinued operations.
  -- $23.3 billion in revenues, up 6.3 percent.
  -- $4.1 billion in operating income, up 29.0 percent.
  -- $11.6 billion in cash flows from continuing operations in first-half
     2007, up 7.5 percent.

  Wireless
  -- 1.6 million retail net customer additions; 1.3 million total net
     customer additions after reseller reductions.
  -- 60.1 million retail customers -- most retail customers of any carrier,
     an increase of 14.3 percent; 62.1 million total customers, an increase
     of 13.2 percent.
  -- Industry-low churn levels at 1.08 percent retail and record 0.85
     percent retail post-paid.
  -- Largest U.S. wireless company based on total revenues, up 17.1 percent;
     data revenues up 70.3 percent; EBITDA margin (non-GAAP), 45.8 percent;
     retail service ARPU up 3 percent.

  Wireline
  -- 167,000 net new FiOS TV customers in quarter, 515,000 total FiOS TV
     customers; nearly 1.3 million total video customers, including
     satellite TV.
  -- 7.7 million total broadband connections (FiOS Internet and DSL), up
     25.5 percent, including 288,000 net new broadband connections in
     quarter; 203,000 net new FiOS Internet customers in quarter, 1.1
     million total FiOS Internet customers.
  -- 3.4 percent increase in revenues in legacy Verizon consumer markets,
     more than double the rate of growth in 1Q 07; 10.9 percent growth in
     ARPU in these markets.
  -- Accelerated growth at Verizon Business; adjusted revenues (non-GAAP) up
     2.4 percent; revenues from strategic services (IP and managed services)
     up 25.5 percent.

Verizon Communications Inc. (NYSE:VZ) today reported strong second- quarter 2007 financial and operational results, as the company expanded margins while continuing revenue growth momentum in its key strategic markets -- wireless, broadband, data, video and global IP.
Verizon reported second-quarter 2007 earnings of $1.7 billion, or 58 cents in fully diluted earnings per share (EPS). This compares with reported EPS in the second quarter 2006 of 43 cents before discontinued operations. Including results from discontinued operations, which Verizon has since divested, second-quarter 2006 reported earnings were 55 cents per share.
On an adjusted basis (non-GAAP), Verizon's second-quarter 2007 earnings totaled $1.7 billion, or 58 cents in EPS. This is an increase of 11.5 percent compared with 52 cents per share before discontinued operations in the second quarter 2006.
Adjustments for special items in the second quarter 2007 included less than a penny per share in merger integration costs. Adjusted earnings in the second quarter 2006 reflected 9 cents per share in special items, consisting of severance and related pension and benefits charges, merger integration and Verizon Center relocation costs.
For more information: http://www.verizon.com/

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