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Bond Market News
Verizon Reports 46% Jump in Q3 Earnings
October 21, 2021
Verizon reported its Q3 results with net profits of $6.6bn in 3Q2021, up 46% YoY. Revenues were up 4.3% to $32.9bn in 3Q2021, driven by strong growth in wireless and service revenue. The consumer segment contributed $23.3bn to revenues in 3Q2021, up 7% YoY. Verizon saw 129,000 total broadband net additions, both wireline and wireless. Cash flow from operations stood at $31.2bn and its net unsecured debt to adjusted EBITDA stood at 2.7x. Verizon’s CEO Hans Vestberg said, “Our disciplined strategy execution demonstrated growth in 5G adoption, broadband subscribers and business applications. We are increasing our 2021 guidance, and we continue to expand our 4G LTE and 5G network leadership. We fully expect to have a strong finish to the year as we accelerate deployment of 5G to our customers across the country.” It expects total wireless service revenue growth of around 4%, up from earlier guidance of 3.5-4%.
Verizon’s USD bonds were slightly down with its 3.875% 2029s down 0.66 to 111.063, yielding 2.17%
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