Verizon Cuts Earnings Outlook

Verizon (VZ Quote) lowered its earnings guidance and capital spending forecast for the year, but the company reiterated its overall revenue growth estimate and debt target for 2003.

The company now expects adjusted earnings of $2.56 to $2.60 a share this year, down from a prior forecast of $2.70 to $2.80 a share. The company said it will record costs of 10 cents to 12 cents a share from additional issues that have emerged since the middle of the year, and 4 cents a share in mostly noncash expenses related to a change in the treatment of retiree healthcare obligations.

Shares of Verizon were falling $1.33, or 3.8%, to $33.38 in Instinet premarket trading. ...