Verizon Communications (NYSE:VZ) saw its profit climb in the second quarter.
Earnings and Revenue The company's EPS fell in line with analyst expectations of 64 cents a share. Revenue of $28.55 billion also met expectations. The estimates of 26 analysts ranged from profit of 61 cents to profit of 65 cents.
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The company's net income for the quarter was $1.82 billion. This is 13.4% higher than the year-ago quarter. Revenue climbed 3.7% from $27.54 billion in the same period last year.
Company Fundamental Trends The company's revenue has grown during at least each of the past four quarters on a year-over-year basis.
History Against Expectations The company fell in line with estimates last quarter after topping forecasts in the previous quarter. It reported net income of 59 cents versus a mean estimate of net income of 57 cents per share.
Official Comment: "Verizon delivered another strong quarter of earnings growth and cash generation, and we remain on track to meet our financial objectives and produce solid double-digit earnings growth for the year," said Lowell McAdam, Verizon chairman and CEO. "Verizon Wireless has once again demonstrated its industry leadership, combining strong revenue growth with record margins and high customer loyalty. We reported sequential improvement in second-quarter Wireline margins, and we expect to see that improving trend carry through in the second half of the year. We also look forward to the closing of strategic transactions and to the integration of process improvements that will set the stage for continued long-term profitable growth across all our business units."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.