verizonVerizon Communications (VZ) reported earnings of 31 cents per share for the third quarter, compared with 41 cents per share last year.

The third-quarter earnings included non-operational charges of 25 cents per share, the largest of which was related to pension settlements

Operating revenues dropped 2.9% to $26.5 billion, the company said in a statement. The results for the third quarter in 2009 included revenue from operation have since been divested.

On a comparable basis, third quarter operating revenue rose $550 million from a year earlier.

"Verizon built on a strong second quarter with a stronger third quarter, resulting in improved earnings performance and substantial cash flow," said Verizon CEO Ivan Seidenberg. "We are building momentum and are on track to achieve our goal of growing earnings in the second half of the year."

Verizon forecast second-half adjusted earnings per share will be 5% to 10% higher than the first half earnings of $1.01 per share.

In the third quarter, data revenues rose to 35.7% of all service revenues, up from 30.5% a year earlier.

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Verizon needs to be more competitive............they have a good network, but some smaller more localized carriers are eating their lunch. Better times for unlimited calling(7:00 P.M. not 9:00 P.M.) and carryover minutes would be a great step in that direction. Go for it Verizon!

October 23 2010 at 9:53 AM Report abuse rate up rate down Reply

VZ seems to have a lot of baggage. VZ also has to deal with vodophones demands.

October 22 2010 at 9:30 AM Report abuse +2 rate up rate down Reply