{"id":40252,"date":"2023-07-25T11:30:10","date_gmt":"2023-07-25T15:30:10","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/verizon-earnings-what-to-expect-as-lead-cable-concerns-linger-over-wireless-stocks\/"},"modified":"2023-07-25T11:30:12","modified_gmt":"2023-07-25T15:30:12","slug":"verizon-earnings-what-to-expect-as-lead-cable-concerns-linger-over-wireless-stocks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40252","title":{"rendered":"Verizon earnings: What to expect as lead-cable concerns linger over wireless stocks"},"content":{"rendered":"
\n

Verizon Communications Inc. is trying to turn its business around, but now it must do so with a cloud overhead.<\/p>\n

While executives at the telecommunications giant likely had been gearing up to show investors the early results of their latest efforts to reignite the business \u2014 namely a tweaked array of phone plans \u2014 alongside Verizon\u2019s
\n VZ,
\n +0.74%<\/bg-quote>
\n Tuesday morning earnings release, they\u2019ll now have to devote some of their time to a historical move that\u2019s come back to dog the company.<\/p>\n

\n

Verizon shares have been under pressure in July after reporting from the Wall Street Journal asserted risks stemming from legacy lead-clad cables used by the telecommunications industry. Investors will be looking for Verizon\u2019s management to discuss the next steps \u2014 and the possible costs associated with them. <\/p>\n

\u201cWe expect wireline carriers to share more information with investors and regulators around their use of lead-sheathed cables in their networks in coming weeks,\u201d Morgan Stanley analyst Simon Flannery wrote in an industry preview. \u201cWe hope to get a better sense of exposure by company, as well as the likely need for and cost of any potential remediation.\u201d<\/p>\n

See also<\/strong>: AT&T to pause prior plans to remove lead cables under Lake Tahoe as it works with regulators<\/p>\n

As for the raw numbers of second-quarter earnings, here\u2019s what Wall Street is expecting out of Verizon\u2019s results:<\/p>\n

What to expect<\/h2>\n

Earnings<\/strong>: Analysts tracked by FactSet expect that Verizon earned $1.17 a share in adjusted earnings, down from $1.31 a share a year before. On Estimize, which crowdsources projections from hedge funds, academics and others, the average estimate is for $1.18 a share. <\/p>\n

Revenue<\/strong>: The FactSet consensus calls for $33.3 billion in revenue, down from $33.8 billion a year before. On Estimize, the average projection is for $33.4 billion.<\/p>\n

Stock movement<\/strong>: Verizon shares have fallen after six of the company\u2019s past seven earnings report, though they notched a 2% gain after the most recent one. <\/p>\n

The stock has declined 14% so far this year, as AT&T Inc. shares
\n T,
\n -1.23%<\/bg-quote>
\n have fallen 19% and as T-Mobile US Inc. shares
\n TMUS,
\n +0.50%<\/bg-quote>
\n have inched up 1%. The S&P 500
\n SPX,
\n +0.19%<\/bg-quote>
\n is up 19% on a year-to-date basis.<\/p>\n

Of the 28 analysts tracked by FactSet who cover Verizon\u2019s stock, six have buy ratings, 20 have hold ratings and two have sell ratings, with an average price target of $40.98, about 21% above Verizon\u2019s Monday close.<\/p>\n

What else to watch for<\/h2>\n

Evercore ISI analyst Vijay Jayant expects Verizon to have shed about 25,000 postpaid wireless subscribers in the latest quarter, making for a \u201cmodest\u201d decline in a period when peers AT&T and T-Mobile are both expected to have picked up subscribers, and when cable providers are thought to have made inroads in the wireless market as well. <\/p>\n

But for the broader wireless market, overall growth \u201cis clearly slowing\u2026as industry
growth can\u2019t outrun population growth forever,\u201d he commented.<\/p>\n

Citi\u2019s Michael Rollins also anticipates that Verizon lost 25,000 wireless postpaid subscribers in the June quarter. <\/p>\n

\u201cWe expect\u00a0[Verizon]\u00a0to maintain its targeted actions to improve postpaid adds that could eventually include migration from its prepaid base,\u201d he wrote. \u201cThe combination of some modest back-book pricing actions, new rate plans, cost cuts, and slower upgrades could be helpful for\u00a0[Verizon\u2019s second-half] financial performance.\u201d<\/p>\n

Edward Jones analyst David Heger thinks Verizon has made progress in its efforts to curry greater favor among wireless consumers, though he recently downgraded the stock amid the lead-cable concerns. <\/p>\n

\u201cVerizon has recently increased handset promotional activity and simplified pricing to attract and retain consumer subscribers,\u201d he wrote. \u201cAs a result, consumer execution is improving.\u201d <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Verizon Communications Inc. is trying to turn its business around, but now it must do so with a cloud overhead. While executives at the telecommunications giant likely had been gearing up to show investors the early results of their latest efforts to reignite the business \u2014 namely a tweaked array of phone plans \u2014 alongside […]<\/p>\n","protected":false},"author":1,"featured_media":40253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-40252","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nVerizon earnings: What to expect as lead-cable concerns linger over wireless stocks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Verizon Communications Inc. is trying to turn its business around, but now it must do so with a cloud overhead. 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