Verizon’s Fourth Quarter Earnings Top Estimates
Verizon Communications reported fourth-quarter results Tuesday that narrowly beat analysts’ forecasts for both revenue and profit, as the New York-based phone company saw revenue from its FiOS bundle of Web, TV and phone service rise almost 16%.
Verizon said it earned $7.92 billion, or $1.66 a share, in net income during the last three months of 2013, including 66 cents a share using an adjusted earnings figure that doesn’t comply with standard accounting rules. Revenue was $31.07 billion. The average analyst forecast predicted $31.03 billion in revenue and 65 cents per share in adjusted net income.
In the fourth quarter of 2012, Verizon lost $1.93 billion, or $1.48 a share, but earned 38 cents a share on an adjusted basis. Revenue during that quarter was $30.05 billion, 3.4% lower than this year.
The company said its profit margins widened by as many as 15 percentage points during 2013. A multi-billion dollar investment in networks for 4G wireless service has helped Verizon maintain higher prices than many rivals.
Shares were up 0.9% to $48.80 in pre-market trading.