(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.

Image placeholder title

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


TST Recommends







(CSCO) - Get Report

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