Verizon Communications states ‘strong’ balance sheet, cash generation

By Devika Patel

Knoxville, Tenn., Oct. 19 – Verizon Communications Inc. ended the quarter with $117.5 billion of total debt, comprised of $109.6 billion of unsecured debt and of $7.9 billion of on balance sheet securitizations, and the company reported a “strong” balance sheet.

“Our near-term unsecured maturities are modest at $2.3 billion through 2019,” executive vice president and chief financial officer Matthew D. Ellis said on the company’s third quarter earnings conference call on Thursday

“Our balance sheet is strong and provides us with the financial flexibility to grow the business,” Ellis said.

The company also had “strong” cash generation in the third quarter.

“We had a strong quarter of cash generation supporting our consistent capital allocation program and returning value to shareholders,” Ellis said.

Free cash flow for the first nine months of the year was $5.9 billion.

Verizon is a New York-based telecommunications company.

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