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January 25, 2010

Verizon Q4 revenues up 10% to $27.1bn

Wireless segment revenues up 22.5% on year ago

By CBR Staff Writer

Verizon Communications has reported operating revenues of $27.09bn for the fourth quarter of 2009, an increase of 9.9% compared to $24.64bn for the same period last year. This includes revenues from Alltel, which Verizon acquired in January 2009.

Operating income for the quarter rose modestly by 0.3% to $4.59bn, compared to $4.57bn for the same period last year. Total operating expenses were $22.5bn, an increase of 12.1% compared to $20.06bn.

The company posted a net loss of $653m or EPS of $0.23 for the fourth quarter of 2009, compared to net income of $1.24bn or EPS of $0.43 for the same period last year.

Verizon wireless segment posted revenues of $15.73bn, an increase of 22.5% compared to $12.84bn and wireline segment operating revenues were $11.45bn, a decrease of 3.9% compared to $11.91bn for the same period last year.

For 2009, annual operating revenues totaled $107.8bn, an increase of 10.7% compared to $97.35bn for 2008. Operating income was $19.48bn, an increase of 7.8% compared to $18.06bn last year. Net income for full year was $10.35bn, a decrease of 17.7% compared to $12.58bn last year.

Ivan Seidenberg, chairman and CEO, said: “In last year’s turbulent economy, we took significant steps to strengthen Verizon going forward. We focused on expanding wireless data and set the stage to deploy a nationwide 4G network later this year. We also expanded the scale of FiOS and our global IP network. We saw growth in all these areas in 2009, and we expect continued growth in 2010 and beyond, with a goal of delivering long-term shareowner value.

“Our fourth-quarter earnings reflect costs to re-size and simplify our wireline business. This transformation is realigning our wireline cost structure, improving productivity, and focusing resources on sales of FiOS and strategic business services.”

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