The stock is off about 2% after this morning’s report, which says Verizon took a big hit at the end of last year from Superstorm Sandy and charges for severance and pension expenses, and early debt retirement. The communications company recorded a Q4 net loss of $1.93B, down from a $212M loss a year ago, on revenues of $30.05B, +5.7%. Revenues were slightly ahead of the $29.83B that analysts expected. But earnings fell far short of forecasts. Not including one-time charges, Verizon earned 38 cents a share — well below the 50 cents that analysts envisioned. The company continues to struggle with lost wireline phone customers: Its total voice connections fell 6.8% to 22.5M, including 11.8M residential connections, -6.2%. The more technologically advanced businesses did much better: FiOS video subscriptions were +13.3% to 4.7M, and FiOS Internet subscriptions were +12.6% to 5.4M. Verizon Wireless also saw improvements, with subscriptions +6.6% to 98.2M. “We delivered a total return of 13.2% to shareholders in 2012, and we enter 2013 ready to accelerate the momentum we’ve achieved and create significant shareholder value in the years to come,” CEO Lowell McAdam says.
- Investment & Company Information