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Verizon: Strong growths in a weak economy

Verizon Communications Inc., (NYSE:VZ) posted strong third quarter 2008 results, with added support by Verizon Wireless with its constant solid performance and continuing increase in new FiOS customers, complimented by the continued increase in sales of strategic business services.

Verizon reported third-quarter 2008 earnings were at 66 cents a share which is an increase of 3 cents for the third quarter last year. Verizon also reported 59 cents in diluted earnings per share (EPS) in the third quarter 2008, compared with 44 cents per share in the third quarter last year.

Revenue earnings were also solid in 3Q, with Verizon increasing its dividend by 7 percent this quarter, which shows investors the confidence the company has in its growth opportunities. Verizon posted total operating revenue at $24.8 billion that’s a growth of 4.1 percent from the same quarter last year.

Looking at the cash flows posted Verizon continuing operations were $19.1 billion from the beginning of 2008 until September, this being an increase of 5.9 percent compared to the same period last year.

Source: marketwatch