Verizon Communications Q3 Profit Decreases, but beats estimates

(RTTNews) - Verizon Communications (VZ) released a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $5.02 billion, or $1.17 per share. This compares with $6.55 billion, or $1.55 per share, in last year's third quarter.

Excluding items, Verizon Communications reported adjusted earnings of $1.32 per share for the period.

Analysts on average had expected the company to earn $1.29 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 4.0% to $34.24 billion from $32.92 billion last year.

Verizon Communications earnings at a glance (GAAP) :

-Earnings (Q3): $5.02 Bln. vs. $6.55 Bln. last year. -EPS (Q3): $1.17 vs. $1.55 last year. -Analyst Estimates: $1.29 -Revenue (Q3): $34.24 Bln vs. $32.92 Bln last year.

-Guidance: Full year EPS guidance: $5.10 to $5.25