Verizon (NYSE: VZ) reported quarterly earnings that met analysts' expectations on Thursday, and revenue that topped estimates, as the company added far more phone customers than Wall Street's forecast.
The company achieved adjusted Earnings per Share of 98 cents a share, excluding items, exactly in line with estimates. Revenue came in at $31.72 billion versus the estimated $31.45 billion. Net adds came in at 603,000 (486,000 smartphones) versus increase of 438,000 retail postpaid connections, compared to earnings of $1.01 a share on revenue of $30.94 billion in the year-ago period.
The company said that the earnings reflect a one-cent-per-share impact as a result of the natural disasters in Florida and Texas, and said the comany also offered services in northern California and Puerto Rico.
"I share the pride of all Verizon employees that our network aided and served first-responders and customers when they needed it most following the recent natural disasters," CEO Lowell McAdam told investors.
McAdam said that Verizon still has the flexibility to up dividends.
Verizon has looked to lure customers from the competition with unlimited data plans, as smartphone makers unveil their holiday-ready handsets. At the same time, the telecom company is moving deeper into advertising through its acquisition of Yahoo, a business that provides a sizable chunk of sales for the company.
Verizon shares opened Thursday ahead $1.81, or 3.7%, to $50.46, within a 52-week trading range of $42.80 to $54.83.
