Verizon Profit Falls Shy Of Estimates, While Sales Rise In Line

Verizon Communications reported a third-quarter profit attributable to the company of $3.79 billion, or 89 cents a share, compared with earnings of $2.23 billion, or 78 cents a share, in the year-earlier period. Sales rose 4.3% from last year to $31.59 billion, as a 7% increase in wireless revenue offset a 0.8% decline in wireline revenue. Analysts surveyed by FactSet had been expecting earnings of 90 cents a share and revenue of $31.6 billion. The company said its wireless business added 1.53 million retail net connections during the quarter. The stock, a component of the Dow industrials, tacked on 0.5% in premarket trade. It has lost 1.3% year to date, compared with a 1.1% decline in the Dow. (This version replaces the net income number from a year ago with net income attributable to Verizon)