Verizon Trades Lower After Earnings

Verizon

released its fourth-quarter earnings results on Tuesday prior to the closing bell. The company reported a net loss of $212 million or $0.71 per share, versus a profit of $4.65 billion or $0.93 per share in last year's corresponding quarter. The loss was attributed primarily to non-cash pensions items. Backing out the one-time items, Verizon reported adjusted EPS of $0.52, while comparable EPS was $0.54. This compared to analysts' consensus EPS estimates of $0.53. Revenues were up 7.7% to $28.44 billion compared to $26.395 billion in the year ago period. This narrowly beat analysts' consensus revenue estimates of $28.39 billion. Currently, VZ shares are trading down 2.08% to $37.61. The stock gapped lower at the open and has continued to trade down in the early going on Tuesday.