Tuesday, October 27, 2009

Verizon Falls 30 Percent After Restructuring

. Tuesday, October 27, 2009

By stockOzone team

The telecommunications firm reported a 30 percent drop in third-quarter earnings as it couldn't sign up enough new subscribers to offset higher costs from laying off workers and absorbing an acquisition.

Verizon earned $1.18 billion, or 41 cents per share, in the third quarter, compared with $1.67 billion, or 59 cents per share, a year ago. Excluding one-time items such as restructuring costs, Verizon said it earned 60 cents per share.

Revenue rose 10 percent to $27.3 billion; Verizon got a boost from its acquisition of wireless provider Alltel Corp.

CORNING: The world's biggest maker of LCD glass for TVs and laptops said it earned $643 million, or 41 cents a share, in the July-September period, down from $768 million, or 49 cents a share, a year earlier.

Corning said demand is rebounding for its flat-screen television glass but the specialty glass maker's third-quarter profit fell 16 percent from a year ago as overall sales slipped.

Sales fell 5 percent to $1.48 billion from $1.55 billion a year ago.

MCGRAW-HILL: Plagued by weakness in advertising and the elementary and high school education markets, the information-services company said Monday its profit and sales declined in the third quarter.

McGraw-Hill, which publishes textbooks and owns Standard & Poor's, said it earned $336.1 million, or $1.07 per share, marking a 14 percent decline from the same period a year earlier. Revenue declined 8 percent to $1.88 billion.

Disclosure: Author does not own any of the stocks discussed here.

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