Verizon Communications Q1 Profit Decreases, but beats estimates

(RTTNews) - Verizon Communications (VZ) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $4.72 billion, or $1.09 per share. This compares with $5.02 billion, or $1.17 per share, in last year's first quarter.

Excluding items, Verizon Communications reported adjusted earnings of $1.15 per share for the period.

Analysts on average had expected the company to earn $1.12 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 0.2% to $32.98 billion from $32.91 billion last year.

Verizon Communications earnings at a glance (GAAP) :

-Earnings (Q1): $4.72 Bln. vs. $5.02 Bln. last year. -EPS (Q1): $1.09 vs. $1.17 last year. -Revenue (Q1): $32.98 Bln vs. $32.91 Bln last year.

-Guidance: Full year EPS guidance: $4.50 - $4.70