Verizon posts strong third quarter results

Verizon Communications has posted revenues of USD29 billion on a consolidated basis for the third quarter of 2012, up 3.9% year-on-year thanks in part to monthly wireline consumer ARPU jumping 10.3% to USD103.86. The telco also recorded a second consecutive quarter of record-high margins from its wireless business after raising prices and the launch of the iPhone 5. Consolidated EBITDA came in at USD9.65 billion for the three months under review, up 9.7% y-o-y, while operating income grew by an impressive 19.6% to USD5.5 billion. ‘In the third quarter, Verizon continued to deliver double-digit earnings growth and strong cash generation, and we remain solidly on track to meet our financial objectives for the year,’ said Lowell McAdam, Verizon chairman and CEO. Excluding acquisitions and adjustments, the company added 1.8 million retail wireless net additions via its 55%-owned subsidiary Verizon Wireless, and extended its LTE coverage to more than 250 million people in 419 markets across the country. Verizon’s FiOS internet service, meanwhile, grew by 136,000 subscribers, taking the total to 5.3 million.