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Wireless Growth Boosts Verizon's Revenues, But Quarterly Net Income Sags.
Byline: Martha McKay
Apr. 28--Close to a million and half new wireless subscribers helped Verizon post an increase in sales, but net income dropped by 50 percent due to continued phone line losses and costs related to early retirements.
On Tuesday, the nation's largest local phone company reported a jump in revenue of 3.9 percent, but said first quarter net income dropped to $1.19 billion, or 43 cents per share, compared with $2.4 billion, or 87 cents per share, for the same quarter a year ago.
A massive early retirement program that resulted in 20,000 workers leaving the company last fall led to a $446 million pension charge in the quarter.
Revenues rose to $17.1 billion from $16.5 billion, helped by rapid growth at Bedminster-based Verizon Wireless, a joint venture with British-based Vodafone.
"We feel like we're off to a good start and we're anxious to continue the momentum, and hopefully we'll have an equally excellent report in the second quarter," CEO Ivan Seidenberg told analysts in a morning conference call.
Analysts seemed bullish on the company, with some increasing their earnings estimates for the year. New York-based Verizon did not update its guidance on earnings.
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