Business Services Industry
Verizon Reaches Earnings Targets, Stands by Forecasts.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, February, 2001 by Ward, John T.
Feb. 2--Bucking the trend of missed earnings and profit warnings that has dinged Corporate America in recent weeks, Verizon Communications yesterday said it met Wall Street's expectations in the fourth quarter and was sticking to its growth forecasts for this year.
The nation's largest player in local calling and wireless services reported fourth-quarter earnings of $2.1 billion, or 77 cents a share, matching the Street's consensus estimate, and up from 75 cents a share a year earlier. Revenue in the period was up 6.7 percent, to $16.8 billion.
The figures reflect adjustments to include asset sales by Verizon Wireless, the Bedminster joint venture in which Verizon has a 55 percent stake. The rest is owned by England's Vodafone Group Plc. Bell...
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