Verizon Communications Q3 Profit Decreases, but beats estimates

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

The company's earnings came in at $4.88 billion, or $1.13 per share. This compares with $5.02 billion, or $1.17 per share, in last year's third quarter.

Excluding items, Verizon Communications reported adjusted earnings of $1.22 per share for the period.

Analysts on average had expected the company to earn $1.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.6% to $33.34 billion from $34.24 billion last year.

Verizon Communications earnings at a glance (GAAP) :

-Earnings (Q3): $4.88 Bln. vs. $5.02 Bln. last year. -EPS (Q3): $1.13 vs. $1.17 last year. -Analyst Estimates: $1.11 -Revenue (Q3): $33.34 Bln vs. $34.24 Bln last year.

-Guidance: Full year EPS guidance: $4.55 to $4.85