Verizon Communications reported better-than-expected earnings of $2.2 billion or 77 cents a share on revenue of $30.28 billion. Analysts had expected earnings per share of 74 cents and $30.16 billion in revenue.
"These strong third-quarter results reflect Verizon's long-term investment in reliable, high-quality networks to deliver value to customers," CEO Lowell McAdam said in a statement. "Our unwavering focus on wireless, FiOS and strategic enterprise services has produced consistent performance, and we've delivered double-digit earnings growth in six of the past seven quarters"
Shares for the telecommunications company were up 2.7% to $48.54 shortly after market opened.
TheStreet Ratings team rates Verizon Communications Inc as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate Verizon Communications Inc (VZ) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
- You can view the full analysis from the report here: VZ Ratings Report