Verizon CEO Lowell McAdam at the recent Consumer Electronics Show.
(Credit: James Martin/CNET)
Superstorm Sandy and mounting pension costs took its toll on Verizon.
The New York telecommunications provider posted a fourth-quarter loss of $4.22 billion, or $1.48 a share, compared with a year-ago loss of $2 billion, or 71 cents a share. The results were affected by costs associated with Superstorm Sandy, which devastated the Northeast region late last year and a change in the valuation of its pension liabilities owed to its employees. On an adjusted basis, the company earned 38 cents a share.
The pension liabilities cut into earnings by $1.55 a share, while the early retirement of debt and other restructuring activities cut another 31 cents a share from earnings. Sandy cost another 7 cents a share.
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