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Verizon Posts Strong Results, Q4 Revenue up 3.4%

Defying the general economic trends, Verizon Communications reported growing sales of broadband, wireless and strategic business services in the fourth quarter 2008. Strong customer and revenue growth contributed to 43 cents in diluted earnings per share (EPS) in the quarter, compared with 37 cents per share in the fourth quarter 2007. On an adjusted basis (non-GAAP), fourth-quarter 2008 EPS was 61 cents, compared with 62 cents in the fourth quarter 2007. On an annual basis, Verizon reported $2.26 in 2008 EPS from continuing operations, compared with $1.90 in 2007. On an adjusted annual basis, 2008 EPS from continuing operations was $2.54, a 7.6 percent increase, compared with 2007 EPS of $2.36.

Verizon’s total operating revenues grew 3.4 percent in the fourth quarter 2008, increasing to $24.6 billion from $23.8 billion in the fourth quarter 2007. After adjusting for the spinoff of non-strategic local exchange and related Wireline business assets early in 2008 (non-GAAP), this represents an increase of 4.6 percent.

“Verizon has shown that it is able to compete effectively in this economic environment,” said Chairman and CEO Ivan Seidenberg. “We grew profits and maintained strong cash flows throughout 2008. In the fourth quarter, we continued to produce top-line growth, fueled by strong sales volumes for broadband, wireless and strategic business services.”

Some highlights:

Wireless

Wireline

http://www.verizon.com

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