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Verizon reports higher income, revenue YOY in Q3

Verizon Communications Inc. on Oct. 25 reported third-quarter net income attributable to the company of $5.19 billion, or $1.25 per share, up 5.5% from $4.92 billion, or $1.19 per share, in the year-ago quarter.

The earnings included a minimal net impact from special items a net pretax gain of $261 million from dispositions of assets and businesses that was offset by a pension remeasurement pretax charge of $291 million.

The S&P Global Market Intelligence GAAP consensus EPS estimate for the period was $1.23.

The company's results during the quarter included the effects of a reduction in benefits from the adoption of a revenue recognition standard, primarily due to the deferral of commission expense, and the adoption of a lease accounting standard. The combined net impact was a 4-cent headwind in the third quarter, according to an Oct. 25 company release.

Total operating revenues for the quarter ticked up 0.9% to $32.89 billion, from $32.61 billion in the prior-year period. This growth was primarily driven by higher wireless service revenue, partially offset by lower wireless equipment revenue and declines in legacy wireline revenue, predominantly in the business segment.