Verizon Communications Inc (VZ) reports drop in income and EPS for Q1 earnings

Telecommunications company Verizon Communications today announced their Q1 2024 results on April 22^nd.

The results improved upon Verizon's disappointing Q4 2023 performance announced earlier this year, but failed to live up to expectations.

The financial results

Verizon revenues for Q1 2024 were $33.0 billion for total operating revenue, up 0.2 percent from the first quarter of 2023. 

The company reported a consolidated net income for the first quarter of $4.7 billion, compared to consolidated net income of $5.0 billion in first-quarter 2023, and consolidated adjusted EBITDA of $12.1 billion, up from $11.9 billion in first-quarter 2023. 

Earnings per share

Verizon announced Q1 earnings per share (EPS) of $1.09, compared with earnings per share of $1.17 in first-quarter 2023; adjusted EPS, excluding special items, of $1.15, compared with $1.20 in first-quarter 2023.

Analysts' expectations

Today's results were slightly below forecasts for the earnings prior to today.

Broadly speaking, revenue today was expected to be $33.23 billion for Q1 2024, a decline of about 1% year-on-year, while EPS was expected at a lower $1.12 for the quarter.

Comparison with previous results

In contrast to today's figures were the company's Q4 2023 results reported in January:

• Earnings per share was $(0.64) in Q4 2023, and adjusted EPS, excluding special items, of $1.08.
• Total operating revenue of $35.1 billion, a decrease of 0.3 percent from fourth-quarter 2022. 
• Consolidated net loss for the fourth-quarter of $2.6 billion, and consolidated adjusted EBITDA of $11.7 billion.