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Verizon Meets Estimates, Boosted By Wireless Strength

NEW YORK ( TheStreet) -- Verizon (VZ - Get Report) met analysts' third-quarter estimates, boosted by strength in the company's wireless business.

The New York-based telecom provider brought in revenue of $29 billion, in line with consensus estimates and up from $27.9 billion in the prior year's quarter.

Excluding items, Verizon earned 64 cents a share, also meeting analysts' estimates, and up from 56 cents a share in the prior year's quarter.

"Verizon Wireless continues to do an outstanding job of balancing growth and profitability," explained Verizon CEO Lowell McAdam, in a statement Thursday. "Wireless achieved record profitability in a quarter in which we reported the highest number of retail postpaid gross and net adds in four years."

The wireless division added 1.8 million retail net customers during the quarter, excluding acquisitions and adjustments. This included 1.5 million retail postpaid net customers and low retail postpaid churn of 0.91%, according to Verizon.

Total Verizon Wireless revenue was $19 billion, a year-over-year increase of 7.3%. Wireless operating income margin was 31.8% while non-GAAP EBITDA margin was 50%; both numbers were record highs.

The Dow component, which began selling Apple's (AAPL - Get Report) iPhone 5 late in the quarter, also enjoyed a 7.5% year-over-year increase in wireless service revenue, which reached $16.2 billion.

In his statement before market open, Verizon CEO McAdam also said that the company is on track to meet its 2012 financial objectives.

Verizon shares rose 1.19% to $45.25 in premarket trading.

Shares of rival AT&T (T - Get Report) rose 0.31% to $35.83.

--Written by James Rogers in New York.

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