Verizon Communications 4Q loss widens, hurt by pension costs, Superstorm Sandy - InfoNews

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Verizon Communications 4Q loss widens, hurt by pension costs, Superstorm Sandy

In this Oct. 17, 2012 photo, customers walk into a Verizon Wireless store in Dallas. THE CANADIAN PRESS/AP, LM Otero
January 22, 2013 - 4:17 AM

NEW YORK, N.Y. - 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.

Operating revenue rose 6 per cent to $30.05 billion from $28.44 billion.

Analysts expected earnings of 50 cents per share on revenue of $29.82 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.

The company's stock fell 1 per cent in premarket trading Tuesday.

News from © The Associated Press, 2013
The Associated Press

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