Verizon Cuts FY22 Outlook For Adj. EPS Below Market View - Update

While reporting weak profit and nearly flat revenues in its second quarter, Verizon Communications Inc. (VZ) on Friday trimmed its forecast for fiscal 2022 adjusted earnings below market estimates, as well as adjusted EBITDA.

In pre-market activity on the NYSE, Verizon shares were losing around 5.1 percent to trade at $45.24.

For the year, the company now expects adjusted earnings per share of $5.10 to $5.25, lower than prior guidance for adjusted earnings per share of $5.40 to $5.55.

On average, 22 analysts polled by Thomson Reuters expect earnings of $5.41 per share for the year. Analysts' estimates typically exclude special items.

Adjusted EBITDA growth is now expected to be between minus 1.5 percent to flat, an update from prior guidance for adjusted EBITDA growth of 2 to 3 percent.

Further, Verizon expects reported wireless service revenue growth of 8.5 to 9.5 percent, an update from prior guidance of 9 to 10 percent.

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