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Key Takeaways
- Verizon swung to a lack of $2.57 billion or 64 cents a diluted share within the fourth quarter of 2023.
- The corporate’s earnings have been dragged down by a $7.8 billion loss on account of particular objects.
- Income of $35.1 billion was higher than anticipated, however decrease in comparison with $35.25 billion for a similar interval final yr.
Verizon’s (VZ) fourth quarter earnings have been dragged into the crimson resulting from a $7.8 billion loss on particular objects regardless of posting better-than-expected income. The corporate’s shares have been up slightly over 3% in early buying and selling.
The corporate reported a lack of $2.57 billion or 64 cents per diluted share for the quarter. The one-time loss comes as Verizon disclosed a $5.8 billion goodwill impairment cost for its enterprise reporting unit, and nearly $992 million in mark-to-market changes to its pension and worker advantages packages, amongst different issues. Excluding these particular objects, the corporate’s adjusted earnings per share could be $1.19.
Even previous to Verizon’s disclosure of the goodwill fees and their potential influence on quarterly outcomes, analyst consensus compiled by Seen Alpha forecast an earnings and income contraction.
This autumn 2023 | Analysts’ Estimate for This autumn 2023 | This autumn 2022 | |
---|---|---|---|
Income | $35.13 billion | $34.6 billion | $35.25 billion |
Diluted Earnings (Loss) Per Share (EPS) | (64 cents per share) | $1.06 | $1.56 |
Internet Earnings | ($2.57 billion) | $4.56 billion | $6.7 billion |
“2023 was a yr of change. Now we have the fitting property and one of the best group in place and are well-positioned for development in 2024,” mentioned Verizon Chair and CEO Hans Vestberg.
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