Verizon Communications Inc. today reported second-quarter 2004 earnings of $1.8 billion. The results were driven by top-line consolidated revenue growth of 6.0 percent compared with second-quarter 2003 and 25.0 percent revenue growth for Verizon Wireless over the same period.

SECOND-QUARTER HIGHLIGHTS

• Total Company: 6.0 percent growth in operating revenues; 64 cents in diluted earnings per share; consolidated operating income margin (operating income divided by operating revenues) of 20.9 percent
• Free Cash Flow (non-GAAP, cash from operating activities less capital expenditures and dividends): $1.6 billion in the quarter, up 25.2 percent
• Wireless: industry-record 1.5 million total net customer additions, 40.4 million total customers; 25.0 percent growth in total revenues; company-record margins, up 570 basis points; company record-low churn (customer turnover) of 1.45 percent per month
• Broadband DSL (digital subscriber lines): 280,000 net additions in the quarter, contributing to 5.7 percent growth in total data revenues; more than 1 million net additions over the past year, for a total of more than 2.9 million lines
• Long-Distance: 14.7 percent growth in revenues

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