Verizon Communications (NYSE: VZ) reported Q1 EPS of $1.35, $0.01 better than the analyst estimate of $1.34. Revenue for the quarter came in at $33.6 million versus the consensus estimate of $33.53 million.

GUIDANCE:

Verizon Communications sees FY2022 EPS at lower end of $5.40-$5.55, versus the consensus of $5.45.

• For 2022, Verizon is updating its prior guidance for service and other revenue which is now expected to be approximately flat compared to 2021.

  Additionally, Verizon expects the following results for full-year 2022:

• Reported wireless service revenue growth at the lower end of the previously guided range of 9 percent to 10 percent.
• Adjusted EBITDA1 growth at the lower end of the previously guided range of 2 percent to 3 percent.
• Adjusted EPS1 at the lower end of the previously guided range of $5.40 to $5.55.
• Adjusted effective income tax rate1 in the range of 23 percent to 25 percent.
• Capital spending, excluding C-Band, in the range of $16.5 billion to $17.5 billion. Additional expenditures related to the deployment of the company's C-Band 5G network are expected to be in the range of $5 billion to $6 billion.

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