Verizon Reports Strong 1Q 2007 Results, Driven by Top-Line Growth Across Key Markets

Verizon Reports Strong 1Q 2007 Results, Driven by Top-Line Growth Across Key Markets
Verizon Communications Inc. (NYSE:VZ) today reported strong, profitable first-quarter 2007 revenue growth, supported by industry-leading retail customer growth at Verizon Wireless and strong sales of broadband services, including video.

Verizon reported first-quarter 2007 earnings of $1.5 billion, or 51 cents in fully diluted earnings per share (EPS). This compares with EPS of 56 cents in the first quarter 2006 — which includes operations that Verizon has since divested.

Verizon’s first-quarter 2007 diluted EPS before discontinued operations was 51 cents, or 54 cents per share on an adjusted basis (before special items, non-GAAP), a 17.4 percent increase from 46 cents per share in the first quarter 2006.

In total, on an adjusted basis (non-GAAP), Verizon’s first-quarter 2007 earnings were $1.6 billion, or 56 cents in EPS, compared with 60 cents in EPS in the first quarter 2006, which included operations that Verizon has since divested. Special item adjustments in the first quarter 2007 included an extraordinary loss of 5 cents in EPS due to the impact of the Venezuelan government’s nationalization of telecommunications services.

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