Verizon Announces Q1 Returns

NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced adjusted diluted earnings per share (EPS) for first quarter 2001 of 72 cents on net income of $2.0 billion, a 4.3 percent increase from 69 cents, or $1.9 billion, in first quarter 2000. The results were at the top of the company’s target range for the quarter of 70-72 cents. Reported results are described below. Consolidated revenues for the quarter grew 16.9 percent, to $16.3 billion from $13.9 billion in first quarter 2000, with more than 40 percent, or approximately $6.6 billion, generated from high-growth data, wireless, long-distance, DSL and international services. Verizon’s U.S. Telecom business grew revenues to $10.9 billion, up 2.9 percent, while operating in the nation’s most competitive markets.

"Verizon delivered excellent results in a period of industry-wide transition and economic uncertainty," said Verizon Chairman and Co-CEO Charles R. Lee. "We saw healthy unit volumes, especially for our new services, and revenues grew at the levels we expected. With improvements in DSL provisioning, the expansion of our long-distance offering to new states and the start-up of our global network, we made significant progress in developing the assets, building the customer bases and moving toward the revenue mix on which we will drive long-term growth."

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