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VERIZON COMMUNICATIONS

(VZ)
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Verizon Communications : Hurricane Florence Network Updates

09/19/2018 | 03:23pm EDT

Verizon is extending its initial data relief offer for those customers in the hardest hit areas of North Carolina through September 25, 2018.

Verizon's network continues to withstand the severity of the storm's impact with nearly 99% of our facilities in the Carolinas in service. Many of those cell sites are running on backup power as designed for reliability, and massive refueling operations are underway to ensure those sites without commercial power continue in service for our customers and first responders.

We are in contact with federal, state and local emergency management teams and are coordinating communication needs and efforts with them. Mobile cell sites have been activated in many of the hardest hit areas in Eastern North Carolina including at first responders' Emergency Operations Centers and local shelters for residents who have been displaced.

We have deployed mobile cell sites with satellite backhaul to the Wilmington Police Department, Jacksonville Emergency Operations Center, Lumberton Emergency Operations Center, Newport Police Department, Carthage Police Department, FEMA office in Charleston, W.V., and Swansboro Police Department and local shelter.

We have also deployed indoor cell sites (called eFemtos) to the Jacksonville Emergency Command Center, FEMA Kinston office, and the City of Goose Creek.

Repairs to impacted network facilities are well underway, and in many cases are already complete.

We continue to reopen stores in the impacted areas to serve our customers and the community. Residents are invited to come in and charge their devices, regardless of their wireless provider. Starting tomorrow, Tuesday, September 18, all but three of our stores in the hardest hit areas will be open for business. The three Wilmington area stores that remain closed will be assessed for damage as soon as access to the area improves and then reopened as soon as possible. Visit our Store Locator for more information.

Media assets highlighting our Florence response and recovery efforts are available here.

September 16, 7:00pm

With Hurricane Florence downgraded to a tropical depression, Verizon network crews are beginning recovery efforts in impacted areas. Those efforts have already begun in earnest throughout parts of North Carolina and South Carolina.

As winds lessen and rain moves out, we are assessing damage and have mobilized equipment and people needed for repairs. We have an aerial cell site on standby to provide LTE service from the air and teams of drone pilots on standby to survey sites and assess damage in the near future.

With widespread power outages, 97% of our cell sites in the Carolinas are operating thanks to generators and batteries permanently installed in our sites for backup and reliability. Refueling operations have begun and will expand as it's safe to access our facilities to ensure those towers remain in service.

Engineers and mobile assets have been moved in large numbers south of Wilmington and Jacksonville, the hardest hit areas, to help with recovery efforts including fleets of mobile generators that will be deployed as needed across our network.

Our network team is staffing our command center 24x7 and is in contact with federal, state and local emergency management teams to coordinate communication needs and efforts with them.

We have started to reopen stores in the impacted areas to serve our customers and will continue to do so in the coming days. Visit our Store Locator for more information. As the storm moves out of each area, we are assessing our locations for damage and will be opening for business to serve our residents in these communities as soon as conditions make it possible.

Media assets highlighting our Florence response and recovery efforts are available here.

September 14, 1:00pm

With Hurricane Florence hanging over the Carolinas, Verizon's network continues to withstand the severity of the storm's impact. As anticipated, flood waters and strong winds are impacting the area and commercial power is out throughout much of the Carolinas, but back-up generators are running where needed and we are on standby to refuel generators to ensure facilities continue operating as soon as the storm rolls through. Our network teams are staffing the 24x7 wireless command centers in hardened facilities throughout the impacted area that can withstand category five winds. They are assessing damage and preparing to mobilize equipment and people needed for repairs when safe to do so. We are in contact with federal, state and local emergency management teams and are coordinating communication needs and efforts with them.

To further support the community, Verizon is offering support to impacted residents by providing free calling, texting and data to our postpaidand prepaidcustomers who reside in the areas of Georgia, North Carolina, South Carolina and Virginia that are in the direct path of the storm, beginning today and running through Monday,September 17, and has also committed to $1 million grant to the American Red Cross to assist in relief efforts.

Additionally, between September 12, 2018 and September 28, 2018, the Verizon Foundation will match all U.S.-based Verizon employees' donations of $25 or more made via the Verizon Foundation matching gift webpage, up to $1,000 per employee, to the American Red Cross.

Once the storm has passed, Verizon is ready to deploy our Wireless Emergency Communication Centers which are generator-powered mobile units on tractor trailers that have device charging and computer workstations, and wireless phones, tablets and other devices to contact friends, family and other important contacts over the Verizon Wireless 4G LTE network.

Disclaimer

Verizon Communications Inc. published this content on 19 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 September 2018 19:22:06 UTC


ę Publicnow 2018
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Financials (USD)
Sales 2023 138 B - -
Net income 2023 19 533 M - -
Net Debt 2023 143 B - -
P/E ratio 2023 8,17x
Yield 2023 7,00%
Capitalization 158 B 158 B -
EV / Sales 2023 2,18x
EV / Sales 2024 2,12x
Nbr of Employees 117 100
Free-Float 97,8%
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Mean consensus OUTPERFORM
Number of Analysts 28
Last Close Price 37,66 $
Average target price 45,18 $
Spread / Average Target 20,0%
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Managers and Directors
Hans Erik Vestberg Chairman & Chief Executive Officer
Matthew D. Ellis CFO-Operations Finance & Senior Vice President
Shankar Arumugavelu Chief Information Officer & SVP-Verizon Wireless
Clarence Otis Lead Independent Director
Melanie Liddle Healey Independent Director
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