Verizon Communications Inc. reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total operating revenue of $33,955 million against $32,340 million a year ago. Operating income was $4,793 million compared to $8,023 million in the same period a year ago. Income before provision for income taxes of $2,934 million compared to $6,949 million a year ago. Net income attributable to the company of $18,669 million or $4.56 per basic and diluted share compared to $4,495 million or $1.10 per basic and diluted share for the last year. EBITDA was $9,249 million compared to $12,010 million a year ago. Adjusted EBITDA was $10,918 million compared to $10,421 million a year ago. Adjusted earnings per common share were $0.86 compared to $0.86 a year ago.

For the year, the company reported total operating revenue of $126,034 million compared to $125,980 million a year ago. Operating income of $27,414 million compared to $27,059 million a year ago. Income before provision for income taxes of $20,594 million compared to $20,986 million a year ago. Net income attributable to the company of $30,101 million or $7.36 per basic and diluted share compared to $13,127 million or $3.21 per basic and diluted share for the last year. Net cash provided by operating activities was $25,305 million compared to $22,810 million a year ago. Capital expenditure (including capitalized software) was $17,247 million compared to $17,059 million for the last year. Net debt as on December 31, 2017 was $115,016 million. Adjusted earnings per share were $3.74 compared with $3.87 a year ago.

Full-year 2018 consolidated revenues will grow at low-single-digit percentage rates on a GAAP basis. Excluding the impact from the new revenue recognition standard, the company is on track to achieve year-over-year wireless service revenue growth by the middle part of 2018. On a GAAP basis, the company expects service revenue growth to turn positive around the end of 2018 or early 2019. Low single-digit percentage growth in adjusted EPS, which includes the dilutive impacts from a full year of depreciation and amortization costs from 2017 acquisitions, the Straight Path acquisition expected to close later in the first quarter, and the ongoing impact of last year's data center divestitures. This is before the impact of tax reform and the revenue recognition standard. Capital spending will be in the range of $17.0 billion to $17.8 billion, including the commercial launch of 5G. The expected savings from tax reform will generate a net $3.5 billion to $4.0 billion uplift to cash flow from operations in 2018. This is expected to yield a 55 to 65 cent increase in 2018 EPS, net of impacts from the employee and Verizon Foundation initiatives. The resulting 2018 effective tax rate is projected to be in the range of 24% to 26%.