Verizon Communications Inc (VZ) released its second quarter results on Wednesday, July 21, 2021. The company reported net earnings of $1.40 per share for the second quarter ending June 30, 2021. Earnings for this past quarter were up 23 percent compared to the same period a year ago.
The company was founded in 1983 and is headquartered in New York, New York. Verizon Communications Inc. offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
Verizon Communications' revenue increased 2 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins decreased to 57.78% for the second quarter compared to the same period in the previous year, and operating margins increased to 24.18% over the same period. Net earnings for past trailing twelve months were $19990.0 million, up 4% from the prior year.
Moving on to the balance sheet, Verizon Communications' cash levels dropped 48% for the second quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, decreased 0.89% this past year. The current ratio for Verizon Communications now stands at 0.89. The company increased shares outstanding by 0.05%.
Shares of VZ are currently trading around $55.95. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 11.59 and price to book ratio of 3.15.
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This article was written by Value Investing News (https://www.valueinvestingnews.com) on Thursday, July 22, 2021.