Verizon Q4 Profit Misses Estimates; Revenue Up 5%
Verizon Communications Inc. (VZ) reported an adjusted fourth-quarter earnings per share of $0.86, flat with a year ago. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.88 for the quarter. Analysts' estimates typically exclude special items. Fourth-quarter 2017 adjusted EPS included a net pre-tax loss from special items of about $2.6 billion: a severance and mark-to-market adjustment of pension and OPEB liabilities of $1.2 billion; and other items. The Tax Cuts and Jobs Act also resulted in a one-time, after-tax increase to earnings provisionally estimated to be approximately $16.8 billion, or $4.10 per share. The cumulative net impact from these items, after tax, was approximately $15.2 billion, or $3.71 per share, in fourth-quarter 2017.
Source: RTTNews