Verizon Earnings Drop 25% in Third Quarter

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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.

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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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