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Verizon Meets Estimates, Reiterates Target

Stocks in this article: VZ T

NEW YORK ( TheStreet) -- Verizon Communications (VZ) met analysts' estimates in its second-quarter results, and the telecommunications giant reiterated its 2012 earnings target.

Verizon brought in revenue of $28.6 billion, a 3.7% increase on the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for a top line of $28.558 billion.

Verizon earned 64 cents a share, a 12.3% increase from the same period last year, and in line with analysts' forecasts.

"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," noted Verizon CEO Lowell McAdam, in a statement released before market open Thursday.

Operating income margin for the wireless division was 30.8% during the second quarter, a record for the company. The wireless division's service revenue came in at $15.8 billion, a 7.3% hike on the prior year's quarter.

Verizon Wireless also added 1.2 million retail net customers during the quarter, which included 880,000 retail postpaid net customers.

At the end of the quarter, smartphones made up 50% of Verizon Wireless' retail postpaid customer phone base, up from 47% at the end of the first quarter.

Investors, however, were unmoved by the results, pushing shares of the AT&T (T) rival down 1.5% to $45.20 before market open.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

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