Verizon Reports Net Loss; Misses Estimates (VZ)
Communications company, Verizon Communications Inc.(VZ) reported a loss in earnings for Q4, missing analysts estimates on Tuesday.
The New York, NY based company reported earnings on Tuesday, making them the first of the telecommunications companies to report earnings this quarter. Verizon reported a Q4 net loss of -$4.23 billion, or -$1.48 per share, compared to last years Q4 loss of -$2.02 billion, or 71 cents per share. Excluding special items, earnings came in at 38 cents per share, including 7 cents cents per share related to Hurricane Sandy. Without the affect from the hurricane, earnings were 45 cents per share.
Revenue for the quarter was reported at $30.05 billion, a 6% increase from last years Q4 revenue of $28.44 billion.
Wall Street analysts expected to see earnings of 50 cents per share with revenue of $29.82 billion.
Verizon shares were down 77 cents, or -1.81% during premarket trading Tuesday. The stock has increased 9% in the past year.
The Bottom Line
Shares of Verizon (VZ) have a 4.84% dividend yield, based on Friday’s closing stock price of $42.54. The stock has technical support in the $38-$40 price area. If the shares can firm up, we see overhead resistance around the $44-$45 price levels.
Verizon Communications Inc.(VZ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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