Verizon enjoys good first quarter
It’s not immediately obvious at first glance, but Verizon Communications had a strong quarter. Quarterly earnings were down, but a lot of that is due to merger costs with MCA. Revenues were up, thanks largely to success in the overall wireless industry. Verizon Communications co-owns Verizon Wireless with Vodafone.
Earnings were down to a still healthy $1.63 billion for the quarter. Last year, they were $1.76 billion. Those earnings translate to 56 cents per share this quarter. Excluding unusual charges, the company says it earned 60 cents per share, a penny above analyst’s estimates.
Revenue for the quarter was $22.74 billion. That’s up substantially from 2005, when revenue in the quarter was $18.18 billion. Verizon did not own MCI at that time, though.
The results for Verizon Communications mirror those of other regional U.S. phone companies. AT&T reported numbers that also beat analyst’s estimates, while BellSouth also reported a comfortable revenue increase.