Verizon Communications Inc. (VZ - Free Report) has announced a collaboration with Charlotte, NC-based Honeywell International Inc. (HON - Free Report) that will integrate the wireless carrier’s Managed Connectivity LTE with Honeywell’s IoT sensors to build a smart energy grid. The move accelerates the development of an innovative digital ecosystem of utility connected devices on LTE at large.
In a combined effort, the two companies will provide utility firms with a scalable, open computing and communications platform to help them manage operations efficiently and deliver new services to customers. No specifics, like rollout dates, for the smart grid products were provided. The venture aims to support utilities speed up and simplify the rollout of sensors, controllers and other Internet-connected hardware on electrical grids.
Verizon and Honeywell intend to drive energy savings by deploying smart electric grid technologies. This, in turn, will allow consumers to use energy at the optimum time and help utilities plan for peak demand. The platform includes features like device identity; dynamic network authorization; remote device monitoring; modem firmware and application upgrades; and simplified supply-chain and data access.
The companies are also working to explore how 5G can transform the utility industry through higher bandwidth, faster speeds and low latency. It includes enabling advanced industrial automation and control solutions with real-time analytics. Verizon’s Connected Utilities solutions bring connectivity and computing capabilities to all kinds of IoT devices. This is likely to help utilities grow their leadership positions in the space and expand business models into new market opportunities.
Verizon continues to deploy the latest 4G LTE Advanced technologies to deliver faster peak data speeds and capacity, driven by its customer-focused planning, disciplined engineering and strategic investment. The company has been aggressively forging ahead to expand its fiber optics networks to support 4G LTE and 5G wireless standards.
Verizon is looking forward to capitalize on several innovative technology solutions being developed in the IoT and telematics ecosystem across multiple industries. During fourth-quarter 2019, it launched 5G Ultra Wideband network in select locations of Miami, FL and Greensboro, NC, among others, to bring the tally of 5G mobility service to 31 cities. The high-speed low latency service is available with seven 5G-enabled devices.
Shares of Verizon have added 8.1% compared with 11.9% growth recorded by the industry in the past year. The stock is currently trading with a forward P/E of 12.04X.
Verizon currently has a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the broader industry are Splunk Inc. (SPLK - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Chegg, Inc. (CHGG - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Splunk topped earnings estimates in the trailing four quarters, the surprise being 74.3%, on average.
Chegg surpassed earnings estimates in the trailing four quarters, the beat being 49.4%, on average.
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