While this company has wasted shareholder capital in the past, new management seems committed to capital discipline, cost-cutting, and maximizing cash flows.
As a result, GAAP earnings per share declined by 49% from 2017-2018, while economic earnings per share grew by 7%.September 15, 2015
By focusing on the company’s core competencies and avoiding value-destroying acquisitions, Vestberg has achieved a significant increase in Verizon’s free cash flow, as shown in Figure 3.Verizon bears have been disappointed with the company’s meager dividend growth , but the recent rise in free cash flow increases the potential for more dividend growth in the future.Vestberg’s emphasis on Verizon’s cellular network is not just good for free cash flow, it’s also the right strategy.
The potential of these new technologies and applications shows that investors are too quick to assume Verizon will never grow again. Given its competitive position, Verizon has superior resources and scale to develop and monetize new offerings.
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