Verizon Communications (NYSE: VZ) reported Q1 EPS of $1.26, $0.03 better than the analyst estimate of $1.23.

"Verizon began 2020 with strong operational performance," said Chairman and CEO Hans Vestberg. "In an unprecedented time, Verizon took decisive and balanced actions that will serve our stakeholders in the long term, including protecting our employees, maintaining our network quality and reliability, serving our customers, and supporting our communities. We will emerge from this crisis stronger, knowing we provided critical connectivity to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and Fiber strategies. We are particularly proud of our employees who continue to deliver essential services to our customers and those on the front lines so they can serve others."

Outlook and guidance

Based on the unprecedented magnitude of current conditions, Verizon is updating financial guidance for full-year 2020:

• The company now expects adjusted EPS growth (non-GAAP) of -2 to 2 percent, an update from prior guidance for 2020 adjusted EPS growth (non-GAAP) of 2 to 4 percent. This updated expectation is based on a scenario that assumes significant headwinds prevailing through second-quarter 2020.
• The company is withdrawing financial guidance related to Consolidated Revenues.

Verizon also expects the following:

• Capital spending to be in the range of $17.5 billion to $18.5 billion as previously announced, to facilitate network activity and help support the economy during this period of disruption.
• Adjusted effective income tax rate (non-GAAP) in the range of 23 percent to 25 percent.

For earnings history and earnings-related data on Verizon Communications (VZ) click here.