Verizon 3Q earnings double on pension effects

NEW YORK (AP) ? Verizon says its earnings for its latest quarter are double last year’s mainly due to pension effects. Its revenue kept rising as it continued to pull in more high-paying wireless subscribers than other carriers.

Verizon Communications Inc. on Friday said its net income was $1.38 billion, or 49 cents per share, in the three months ended Sep. 30. That’s up from $659 million, or 23 cents per share, a year ago.

Excluding an adjustment in the value of its pension plans, Verizon says it earned 56 cents per share. That matches the average forecast of analysts polled by FactSet.

Pension adjustments were larger in last year’s quarter. Factoring those in, the latest earnings were about even with last year.

Revenue rose 5.4 percent to $27.9 billion, in line with analysts’ expectations.