To-day, we have naming of parts. Yesterday,
we had daily cleaning. And to-morrow morning,
We shall have what to do after firing. But to-day,
To-day we have naming of parts. Japonica
Glistens like coral in all of the neighboring gardens.
And to-day we have naming of parts.
-- From Naming of Parts by Henry Reed, 1942

Telecom giant Verizon (NYSE:VZ) used to be synonymous with hard-wired phone lines. But that was a long, long time ago. And the new model is showing the same stability -- and much more profitability to boot.

Since 2004, Verizon has seen more operating profits from its wireless segment -- though it is mainly a joint operation with Vodafone (NYSE:VOD) -- than from the wireline division. Last year, for the first time, wireless outshone wired in pure revenues as well. And the company is only moving deeper into the wireless arena. It is, after the recent Alltel acquisition, the largest wireless carrier in the nation. The company now boasts 86.6 million subscribers, giving it a comfortable cushion over AT&T's (NYSE:T) 78.2 million and Sprint's (NYSE:S) 49.3 million.

"Wireless Again Delivers on Growth and Profitability Model," the quarterly report blasts. Including Alltel, Verizon has 28.8% more subscribers today than it did a year ago. Not counting the Alltel acquisition, the company still added a robust 1.3 million retail customers last quarter. Wireless sales in the first quarter stopped at $15.1 billion, a 30% year-over-year jump. Excluding Alltel, revenue still improved by 9%. Verizon appears to be doing fine without an Apple (NASDAQ:AAPL) iPhone in its arsenal. The Verizon-exclusive BlackBerry Storm from Research In Motion (NASDAQ:RIMM) must be filling in nicely.

Then again, the company had more to brag about than its wireless segment. The company's report seemed equally boastful of their wireline accomplishments, "Wireline Again Delivers on Growth of FiOS and Strategic Services." Verizon is finding bright spots in every corner. 2.2 million FiOS TV subscribers represent 84% growth over last year. Bad economy or not, people are still signing up to this high-speed Internet-and-television platform by the busload. Never mind that their wireline phone business saw a nearly 10% reduction in its user base last year.

Before long, Verizon will forget all about expensive, slow copper wires. And the faster, the better, judging by the difference in operating margins.

So this time, Verizon saw modest earnings growth to $0.58 per share, while handset makers not named Apple or RIM panic and the world burns as it turns. And that modest trick will probably turn into massive profit growth again once the fires die out. I don't own Verizon stock, but a 6% dividend yield and impressive wireless growth is nothing to sneeze at. If you're looking to bolster your portfolio with some stable income, here's a company whose stock price has some room to run as well.

And to-day, we have naming of parts.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here -- unless you count a FiOS subscription, which in Anders' case he has got. You can check out Anders' holdings or a concise bio if you like, and The Motley Fool is investors writing for investors.