Verizon

(VZ) - Get Report

Thursday posted fourth-quarter results that were in line with Wall Street estimates and said 2002 earnings would meet expectations as well.

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For the quarter ended Dec. 31, earnings were 77 cents a share on an adjusted basis, excluding restructuring charges and costs related to the Sept. 11 terrorist attacks. That was flat with a year ago. Including all charges, the New York-based phone giant posted a 75-cent loss, reversing the year-ago 70-cent profit. Revenue inched up 1% to $17 billion.

Verizon said it expects 2002 earnings to broadly meet analysts' forecasts. The company projected 2002 profits of $3.20 to $3.30 a share on revenue growth of 3% to 5%. For the year ended Dec. 31, 2001, Verizon posted revenue of $67.2 billion.

The company also said it expected capital spending to fall to the $15 billion to $16 billion range, from $17.4 billion in 2001 and $17.6 billion in 2000. The cutback potentially delivers another blow to the telecom networking group, led by

Nortel

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(NT)

,

Lucent

(LU)

and

Cisco

(CSCO) - Get Report

, though Verizon's reduced spending target is actually a bit higher than the threshold some of its rivals have set.