NEW YORK Jan 27, 2005
— Verizon Communications Inc. earned $3.04 billion in the fourth quarter,
posting a 6 percent revenue gain as another powerful showing by the cellular
business more than compensated for the continuing decline of traditional local
phone service.
The profit reported Thursday, which included about $1.2
billion in one-time gains and related tax benefits from the sale of some
Canadian assets, amounted to $1.08 per share, matching most Wall Street
forecasts.
In the same period in 2003, Verizon lost $1.46 billion,
or 53 cents per share. That included about $2.9 billion in severance costs as
21,000 employees accepted a buyout to reduce the payroll, as well as about $200
million in environmental remediation costs.
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