The Associated Press October 22, 2010, 7:50AM ET

Verizon posts 24 pct profit drop for 3Q

Verizon says its profit fell 24 percent in the third quarter, held back by a one-time pension settlement.

The nation's second biggest phone company said Friday that its net income fell to $881 million, or 31 cents per share, in the July-September period. That's down from $1.18 billion, or 41 cents per share, a year ago.

Excluding the pension settlement and some other charges, New York-based Verizon says earnings would have been 56 cents per share in the latest quarter. That is 2 cents more than analysts expected.

Verizon Communications Inc. says its revenue slipped 3 percent to $26.5 billion, mainly to due to the sale of landline and wireline service areas. The result was slightly more than the $26.3 billion analysts had expected.

Verizon shares are down 23 cents to $32.29 in pre-market trading.

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