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Verizon Communications: Quarter
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Verizon Communications Inc. (VZ) opened at 45.80. So far today, the stock has hit a low of 45.64 and a high of 46.10. VZ is now trading at 45.78, up 0.18 (0.39%). The stock hit its 52 week high of 46.24 in October and set its 52 week low of 34.00 in November. The stock has been rising for the past year. Verizon Communications reported this morning its third-quarter profit fell 34% to $1.27 billion, hurt by tax charges.
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NEW YORK, Sept. 6 /PRNewswire/ -- The Board of Directors of Verizon Communications Inc. today declared a quarterly dividend of 43 cents per outstanding share, an increase of 2.5 cents, or 6.2 percent, from the previous quarter. On an annual basis, this increases Verizon's dividend 10 cents per share, from $1.62 to $1.72 per share.
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Verizon has met or beat earnings expectations every quarter since the second of 2005. When it reported third-quarter 2007 results back in October, its 63 cents per share earnings beat the consensus estimate of analysts surveyed by Thomson Financial by a penny, but was less than the actual 68 cents per share in the same period of 2006. For the current quarter, analysts expect earnings of 62 cents per share, or $2.37 for the full year. That's down from $2.54 in 2006.
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[F]or the first time, Verizon Wireless contributed more than 40 percent of Verizon's total revenues. The nation's leading wireless company grew revenues 23.0 percent to $7.3 billion, compared with $5.9 billion in the third quarter 2003.
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The tax on repatriated foreign earnings relates primarily to the more than $2 billion that Verizon expects to receive in 2005 from share buybacks initiated by Italian wireless provider Vodafone Omnitel. Verizon received $1.2 billion in proceeds in the second quarter 2005 and anticipates receiving the final amount in the second half of 2005.
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On a consolidated basis, Verizon's operating income margin rose to 19.8 percent in the third quarter 2004, compared with 18.7 percent in the third quarter 2003. When adjusted to exclude the special and non-recurring items described later in this release as well as net pension and OPEB (other post-retirement benefit) impact, Verizon's consolidated operating income margin would have been 21.0 percent in the third quarter 2004 and 19.0 percent in the third quarter 2003 (non-GAAP measures).
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