Reuters: Hot Stocks: UPDATE 2-Verizon beats profit, wireless margin estimates

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UPDATE 2-Verizon beats profit, wireless margin estimates Apr 18th 2013, 12:13 Thu Apr 18, 2013 8:13am EDT (Adds analyst quote, wireline numbers, share price update) April 18 (Reuters) - Verizon Communications Inc posted a higher than expected quarterly profit, driven by strength in its wireless business, sending its shares up 1.5 percent in early trade. The telephone company added slightly more wireless subscribers than expected and saw improved growth in its FiOS home Internet and television service. "Across the board subscriber numbers in both wireline and wireless looked pretty good," said Hudson Square analyst Todd Rethemeier. Verizon Wireless, its venture with Vodafone Group Plc , added 677,000 retail subscribers in the quarter, slightly higher than Wall Street expectations for about 634,000, according to eight analysts contacted by Reuters. Verizon said it added 188,000 FiOS Internet customers and 169,000 FiOS television subscribers in the quarter. Rethemeier had expected 150,000 Internet customers and 125,000 FiOS TV customers. Its earnings rose to $1.95 billion or 68 cents per share compared with $1.69 billion or 59 cents per share in the year-earlier quarter and analyst expectations for 66 cents per share, according to Thomson Reuters I/B/E/S. The operator said its wireless service margin of 50.4 percent based on earnings before interest, taxes, depreciation and amortization was a record high. Expectations had ranged from 48.5 percent to 49.9 percent, according to four analysts polled by Reuters. Revenue rose to $29.42 billion from $28.24 billion and compared with Wall Street estimates of $29.55 billion. Verizon shares rose 1.5 percent to $50.30 in premarket trade. (Reporting by Sinead Carew; Editing by Gerald E. McCormick) Link this Share this Digg this Email Reprints

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