Investing.com - Verizon Communications Inc (N:VZ), the largest mobile network operator in the U.S., reported better than expected third quarter earnings ahead of Tuesday’s opening bell, sending its shares higher in pre-market trade.
Verizon said adjusted earnings per share came in at $1.04 in the three months ended September 30, above expectations for earnings of $1.02 per share and compared with 89 cents per share in the same period a year earlier.
Third-quarter earnings included a 5 cent per share non-cash charge due to a re-measurement triggered by a pension settlement accounting threshold.
The mobile network operator’s third quarter revenue totaled $33.2 billion, beating forecasts for revenue of $32.9 billion but up 5.4% from $31.6 billion a year earlier.
"Verizon continues to grow earnings by delivering network reliability and superior value that continues to attract new customers," said Chairman and CEO Lowell McAdam.
"Verizon Wireless posted another quarter of quality connections growth even better than in the second quarter while maintaining high customer loyalty and profitability," McAdam added.
"We expect future revenue growth from mobile over-the-top video, including digital advertising, and the Internet of Things," he continued.
Immediately after the earnings announcement, Verizon shares gains 57 cents, or 1.27%, in trading prior to the opening bell to hit $45.38 from a closing price of $44.70 on Monday.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures shed 32 points, or 0.19%, the S&P 500 futures dipped 4 points, or 0.2%, while the Nasdaq 100 futures declined 8 points, or 0.17%.