Verizon has reported its earnings for Q3 2012. It posted double digit percentage earnings growth yet again, for the third quarter in a row. Verizon’s total operating revenues increased to $29 billion, with its operating income for the quarter increasing to $5.5 billion.
Wireless revenue was $19 billion, up 7.3% year-over-year, while wireline revenue was $9.9 billion, down 2.3% year-over-year, as expected. Wireless margins were at a record high, while FiOS revenue growth led to an increase in the wireline consumer revenue growth.
Verizon added 1.8 million retail connections in Q3, including 1.5 million postpaid connections. The total retail connections increased to 95.9 million, including 90.4 postpaid connections. It also increased the reach of its 4G LTE mobile broadband network to more than 250 million people in 419 markets in the U.S.
Lowell McAdam, Verizon chairman and CEO, said:
“In the third quarter, Verizon continued to deliver double-digit earnings growth and strong cash generation, and we remain solidly on track to meet our financial objectives for the year. With our 4G LTE network advantage, well-received Share Everything Plans and unmatched product portfolio, Verizon Wireless continues to do an outstanding job of balancing growth and profitability. Wireless achieved record profitability in a quarter in which we reported the highest number of retail postpaid gross and net adds in four years.
Based on the strength of our FiOS fiber-optic network, we reported the highest growth in U.S. consumer wireline revenues in 10 years. Additionally, strategic services growth in our Enterprise business helped offset weaker revenues caused by global economic challenges. We are confident that we have the right plans in place to meet these challenges while improving the long-term profitability in both Consumer and Enterprise.”
via Verizon – SEC