Shares for Verizon Communications Inc. (NYSE:VZ) climbed in premarket trading on Thursday after the company reported better-than-expected earnings in the fourth quarter. The company, which is the largest mobile operator in the U.S., announced that its fourth quarter adjusted earnings per share was $.89. Analysts were expecting earnings of $.80 per share. Verizon posted earnings of $.71 per share in the same period last year.
The company’s fourth-quarter earnings included impacts associated with market to market pension adjustments in the yearly actuarial valuation of its benefits plans.
Revenue in the fourth quarter reached $34.25 billion, surpassing forecasts of $34.11 billion in revenue and beating the previous year’s revenue of $33.18 billion during the same period.
Verizon gained 1.5 million retail postpaid connections in the fourth quarter.
Lowell McAdam, CEO and Chairman of Verizon, stated that the company delivered balanced and strong results in the fourth quarter while also returning over $13.5 billion to its shareholders. Verizon also expanded its next-generation network capabilities, which puts the company in a position to establish itself as an innovator in the field.
After the opening bell, the company’s shares jumped 1.01%, gaining $.45. Shares inched up to $44.90 prior to the opening bell, higher than Wednesday’s closing price of $44.45.