Summary
This Form 8-K filing by Verizon Communications Inc. (VZ) on November 8, 2012, primarily discloses information presented by its CFO, Francis Shammo, at the Wells Fargo Tech, Media & Telecom Conference. The key takeaway for investors is the updated outlook on capital expenditures and a minor impact on FiOS customer additions due to Hurricane Sandy. Verizon indicated that its 2012 capital expenditures are expected to be lower than the $16.2 billion spent in 2011, and further projected that 2013 capital expenditures would remain flat compared to the revised 2012 figure. Additionally, the company anticipates a slight shortfall in fourth-quarter 2012 FiOS customer net additions, estimating a figure below its prior guidance of 150,000-170,000, primarily due to resource allocation towards Hurricane Sandy restoration efforts. While the hurricane impact on FiOS additions is noted, the company has not provided specific revised figures.
Key Highlights
- 1Verizon expects 2012 capital expenditures to be lower than the $16.2 billion spent in 2011.
- 2Capital expenditures for 2013 are projected to be flat compared to the 2012 level.
- 3Fourth-quarter 2012 FiOS Internet and Video customer additions are expected to be below the 150,000-170,000 guidance.
- 4The reduction in FiOS customer additions is attributed to resource reallocation for Hurricane Sandy restoration.
- 5The information was disclosed by CFO Francis Shammo at the Wells Fargo Tech, Media & Telecom Conference.
- 6The filing includes a standard cautionary statement regarding forward-looking statements.