Verizon Connect contributed $242 million in revenue toward its parent's fourth-quarter earnings, which grew to $1.12 per share compared to 86 cents in the fourth quarter of 2017, Verizon Communications announced on Jan. 29.

The company's overall internet of things business, of which Verizon Connect is a leading player, grew about 9.5% in the quarter compared to the prior year, excluding the impact of the revenue recognition standard.

Verizon's wireless business helped the company increase cash flow and momentum as it moves to build out 5G infrastructure.

"Verizon finished 2018 by delivering solid financial and operational performance, as evidenced by our strong wireless service revenue and earnings growth," said CEO Hans Vestberg. "2018 was a remarkable year full of 5G firsts, including being first in the world to commercially deploy 5G with our 5G Home product. As we head into 2019 and the 5G era, we’re beginning a period of transformational change. We are laser focused on delivering customers a best-in-class and game-changing experience on our networks."