Verizon Communications Inc stuck to its guidance for the full year as it unveiled its third quarter financials yesterday. However, the figures highlighted pared down capital spending and warned of more capex cuts to come.
The New York-based carrier reported operating revenues of $17.2bn, up 1.2%, for the quarter ending September 30. Operating income was $6bn, up 63.6%, while net income was up 134.9% to $4.4bn. Once non-recurring gains were excluded, net income was $2.1bn, up 3.3%.
The company highlighted customer gains, which included 803,000 for its wireless business and 804,000 for its long distance business.
Verizon said it still expected full year revenues to be flat to down 1% on the previous year’s $67bn, with earnings per share of $3.05 to $3.09. But it lowered its guidance for capex from $13bn to $13.5bn to $12.3bn to $12.7bn.
For the year so far, sales were down 5% to $50.4bn, with net income of $1.8bn, down 26.3%. Once gains and charges were excluded net income so far was $6.2bn, up 1.2% on the year.