Verizon Profit Tops Estimates; Wireless Revenue Jumps 9.1%

Updated to correct analysts' revenue estimates

NEW YORK ( TheStreet) -- Verizon ( VZ) earned an adjusted 56 cents a share in the third quarter, topping the estimates of analysts, as wireless revenue jumped 9.1% to $17.7 billion.

Total revenue in the quarter rose 5.4% to $27.9 billion.

Analysts surveyed by Thomson Reuters expected Verizon to earn 55 cents a share on revenue of $27.88 billion.

Verizon Wireless added 1.3 million total connections in the third quarter, including 882,000 retail postpaid customers, which was lower than analysts' estimates of 1.04 billion, according to Thomson Reuters.

In its wireless division, Verizon said services revenue was $15 billion, up 6.1% from a year earlier, while data revenue rose 20.5%.

Verizon said retail postpaid average revenue per user, or ARPU, grew 2.4% over last year's third quarter to $54.89.

Its wireless operating income margin was 29% in the third quarter.

Verizon is targeting 2011 adjusted EPS growth of 5% to 8% from an adjusted base of earnings of $2.08 a share in 2010, and 2011 revenue growth of 4% to 8% from 2010.

-- Written by Joseph Woelfel

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