Verizon 4Q Hit By Sandy Losses, Says Mobile Customers Now 98.6M

By David Zielenziger | January 22 2013 9:15 AM

Verizon Communications Inc. (NYSE:VZ), the No. 2 carrier, as expected, reported that its fourth-quarter loss doubled due to charges for Superstorm Sandy and pensions, but it also reported a 6.6 percent gain in wireless subscribers.

Reuters

Verizon, as expected, reported that its fourth-quarter loss doubled due to charges for Superstorm Sandy.

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The New York-based carrier had warned of the losses created by Sandy, which struck in late October, as well as charges to its pension plan. Without the special charges, overall net income fell to 38 cents per share from the year-earlier’s 52 cents per share.

On a reported basis, Verizon said its net loss was $4.23 billion, or $1.48 per share, compared with the year-earlier’s net loss of $2.02 billion, or 71 cents.

The carrier’s revenue, despite Sandy, was the bright spot. It rose almost 6 percent to $30.05 billion from $28.44 billion a year earlier.

Wireless subscribers rose to 98.2 million in the quarter, up 2.24 million. That sent wireless revenue for its Verizon Wireless unit surging almost 10 percent, to $19.99 billion. Britain's Vodafone (NASDAQ:VOD) owns 40 percent of the wireless unit.

Verizon said it added 144,000 FiOS Internet and 134,000 FiOS video customers on the period and also 6.2 million iPhones from Apple Inc. (NASDAQ:AAPL), the most valuable technology company.

Verizon shares rose 32 cents to $42.86 in early Tuesday trading.