Verizon today released its fourth quarter 2013 and full-year 2013 financial results, showing that the company has made a significant turnaround from its disappointing fourth quarter 2012 numbers.
Verizon's fourth quarter earnings per share hit $1.76 in 2013, a significant increase over its $1.48 earnings per share loss during the fourth quarter of 2012. The company blames part of its 2012 fourth quarter earnings report on the impact that Superstorm Sandy had on its infrastructure in the Northeast.
Total Verizon earnings for the fourth quarter 2013 hit $5.07 billion on revenue of $31.1 billion, up 3.4% over fourth quarter 2012 revenue.
Verizon's total-year 2013 earnings hit $32 billion, an over 21% increase over the company's 2012 earnings. Verizon was also able to increase its cash flow to $38.8 billion during 2013 - more than double its cash flow during 2012.
Verizon's wireless division continued to lead its earnings, generating $21.1 billion of the company's revenues during the fourth quarter 2013. While the the mobile market in the U.S. is beginning to saturate and run out of new subscribers for mobile operators to attract, Verizon managed to add 1.6 million subscribers during the fourth quarter. This makes up a sizable portion of the 4.1 million subscribers that Verizon added during the year 2013. The mobile provider now boasts nearly 97 million subscribers.
Verizon's FiOS internet service also continued its growth throughout 2013, adding 126,000 new internet connections. The service now has over 6.1 million internet customers, a nearly 12% increase over numbers at the year-end 2012.
“Verizon delivered a total return of 18.6 percent to our shareholders in 2013, while attracting more customers than our competitors and improving our financial performance," said Lowell McAdam, CEO and chairman of Verizon. "This included more than 20 percent year-over-year increases in operating cash flow and EPS. In 2014, we look forward to acquiring sole ownership of Verizon Wireless, the best asset in the global wireless industry, and leveraging all our assets to deliver innovative products to customers and more value to shareholders.”