Verizon Sticks With 2002 Earnings Estimate

Verizon Communications, the No. 1 U.S. local telephone company, is comfortable with its previous 2002 earnings and capital spending forecasts, Chief Executive Ivan Seidenberg said.

Seidenberg said he stuck with full year 2002 estimates for earnings in the range of $3.12 to $3.17 a share, with revenue flat, or up 1%. Verizon had earnings of $3 a share on revenue of $67.2 billion for the full year 2001.

Shares of New York-based Verizon rose 20 cents to $41.68 on the New York Stock Exchange.