http://www.morningstar.com/earnings/24836742-verizon-communications-inc-vz-q1-2011.aspx

Verizon Communications Inc VZ
Q1 2011 Earnings Call Transcript

Transcript Call Date 04/21/2011

Operator: Good morning, and welcome to the Verizon First Quarter 2011 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode and the floor will be open for questions following the presentation.

Today's conference is being recorded. If you have any objections, you may disconnect at this time.

It is now my pleasure to turn the call over to your host, Mr. John Doherty, Senior Vice President, Investor Relations for Verizon.

John N. Doherty - SVP, IR: Thanks, Brad. Good morning, and welcome to our first quarter 2011 earnings conference call. Thanks for joining us this morning. I'm John Doherty. With me this morning is Fran Shammo, our Chief Financial Officer.

Before we get started, let me remind you that our earnings release, financial and operating information, the investor quarterly, and the presentation slides are available on our Investor Relations website. This call is being webcast. If you would like to listen to a replay, you can do so from our website.

I would also like to draw your attention to our Safe Harbor statement. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussion of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website.

This presentation also contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also on our website.

Before we get started, I'd like to draw your attention to a newly formatted financial and operating information file that we've made available to you on our website. In addition to providing two years and eight quarters of historical financial information, we've added some new customer and connection metrics in Wireless and Wireline, which better reflect the trends in our business.

With that, I will now turn the call over to Fran Shammo.

Francis J. Shammo - EVP and CFO: Thank you, John and good morning everyone. At our Investor Meeting in late January, we talked about our 2011 priorities; our strong focus on business plan execution and translating revenue opportunities into profitable growth and shareowner value.

Looking at our first quarter results, I'd say we're off to a very strong start. Our Wireless business performed extremely well, further solidifying our leadership position in the industry. Our 4G LTE network deployment is going very well and our network performance has exceeded even our own very high expectations.

In one independent test after another, our networks' ability to deliver video and data with exceptional speed and performance has been unmatched. Possibly even more impressive is the speed with which products and services are being developed for LTE. Through our LTE rollout we have positioned ourselves on the leading edge of a whole new phase of wireless market development.

Our first quarter Wireless results once again demonstrated our ability to effectively manage growth and sustain profitability. We had a very strong quarter of device sales with 906,000 retail postpaid customer net additions. In a period of less than eight weeks, we activated 2.2 million iPhones and in two weeks, we activated more than 260,000 of our first 4G LTE smartphone the HTC ThunderBolt at the premium price of $249.99.

Read our Earnings Call Transcript disclaimer.
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