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Verizon Communications 4Q loss widens
NEW YORK (AP) - Verizon Communications' fourth-quarter loss widened, dragged down by restructuring, pension and Superstorm Sandy costs. The company activated a record number of new devices on its contract-based plans during the period.
The parent of the country's biggest wireless carrier lost $4.23 billion, or $1.48 per share, for the period ended Dec. 31. That compares with a loss of $2.02 billion or 71 cents per share, a year ago.
Adjusted earnings were 38 cents per share, which includes 7 cents per share for Superstorm Sandy. When stripping out Sandy's impact, earnings were 45 cents per share.
Operating revenue rose 6 percent to $30.05 billion from $28.44 billion.
Analysts polled by FactSet expected earnings of 50 cents per share on revenue of $29.82 billion.
The company's stock fell 84 cents, or 2 percent, to $41.70 in premarket trading Tuesday.
Verizon Wireless revenue climbed 9.5 percent to $20 billion. At the wireline division, operating revenue fell 1.5 percent to $10 billion.
Verizon Communications Inc. activated 2.1 million net new devices on contract-based plans, helped by the iPhone 5's launch and by data plans rolled out over the summer.
There were 144,000 FiOS Internet and 134,000 FiOS Video net additions in the quarter, bringing the company to a total of 5.4 million FiOS Internet and 4.7 million FiOS Video customers.
For the year, Verizon Communications earned $875 million, or 31 cents per share. In the previous year it earned $2.4 billion, or 85 cents per share. Annual operating revenue increased to $115.85 billion from $110.88 billion.
Total debt for 2012 declined to $52 billion from $55.2 billion.
Verizon's report marks the debut for telecommunications companies this earnings season. Rival AT&T Inc. reports on Thursday.
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