OREANDA-NEWS. April 29, 2014. Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported its fifth consecutive quarter of double-digit percentage growth in operating income and earnings per share. First-quarter 2014 results included the impact of February’s close of the USD130 billion transaction to acquire full ownership of Verizon Wireless.

Lowell McAdam, Verizon chairman and CEO, said: “Verizon has delivered double-digit earnings growth in eight of the past nine quarters, and in first-quarter 2014 we posted our strongest consolidated revenue growth in five quarters. With the wireless transaction now behind us, we have great confidence in our ability to sustain these strong results.

“We are already seeing the expected earnings accretion from the transaction,” McAdam added. “The full access we now have to the significant cash flows of Verizon Wireless is energizing our efforts to provide customers with product and service innovations and to enable powerful solutions to some of the world’s biggest challenges.”

Verizon reported USD 1.15 in EPS in first-quarter 2014, compared with 68 cents per share in first-quarter 2013. First-quarter 2014 results included an after-tax gain of approximately USD 1.9 billion (55 cents per share) related to the sale of Verizon’s minority interest in Vodafone Omnitel as part of the wireless transaction, and charges of USD 575 million (17 cents per share) related to debt redemption and USD 260 million (8 cents per share) in interest and financing costs related to the wireless transaction.

On an adjusted basis (non-GAAP), Verizon reported EPS of 84 cents in first-quarter 2014, compared with 68 cents per share in first-quarter 2013 – an increase of 23.5 percent.

With the transaction to acquire full ownership of Verizon Wireless closing on Feb. 21, Verizon’s first-quarter 2014 results only include five weeks of the full results of Verizon Wireless. On a non-GAAP, illustrative basis, adjusted EPS of 84 cents would have been 91 cents per share assuming 100 percent ownership of Verizon Wireless and all shares issued in the transaction were outstanding for the full quarter.