Boston, MA 10/21/2013 (wallstreetpr) – Verizon Communications Inc. (NYSE:VZ) has fared well and its effects were revealed on the closing of market on Friday, October 18, 2013. 3Q13 reported that the company’s revenues, operating margins and the profits surpassed their expectations. These results come close on the heels of the 45% buyout of stake in Vodafone by Verizon on September 2.
Increase in revenue and EPS alike
Revenues generated were $3.28 billion which is a 4.4% increase from last year’s. Net income was posted as $5.6 billion which is at least 30% increase than YoY of 2012. Net income is $2.2 million excluding any Vodafone contribution. These reports contributed to an EPS of $0.77 which is 3 cents more than the analysts’ prediction. Over 173k FIOS broadband customers and 1.1 million mobile users were the latest additions of the company’s third quarter.
Lowell McAdam, CEO, Verizon Communications Inc. stated that he was very pleased to announce that the Company has kept up its word with its investors and is committed to a steady investment in strong, dependable and unfaltering networks to provide value added services to its customers.
Coverage of shares
The performance of the shares of the company was covered by TheStreet Ratings. They stated that owing to the company’s positive revenues and margins, that reflected unwavering commitment to quality service, the firm has upgraded the target sell price from $50 to $51. Deutsche Bank upgraded price target from $49 to $56 as the firm was of the opinion that FIOS broadband spelt revenue sustenance. Consequently the ratings were also upgraded from “buy” to “hold”.
On Friday, October 18, the market opened at $49.36 and continued at an upward trend throughout the day. It finished at a month long high of $50.01 and gave its investors an optimistic impression since it has come close to the 52-week high.