Summary
Verizon Communications Inc. (VZ) filed an 8-K on October 4, 2001, to disclose key updates from a presentation by President and co-CEO Ivan Seidenberg at the Goldman Sachs Communacopia X Conference. The company indicated it was largely on track to meet its third-quarter financial guidance. However, Seidenberg noted that the recent terrorist attacks were being assessed for their financial impact. Specifically, the company anticipates that the events could negatively affect earnings by approximately two cents per share in both the third and fourth quarters. Despite this potential headwind, Verizon reaffirmed its revenue growth target of 5% for the full year. Investors are advised that the company plans to release its official third-quarter financial results on October 30, 2001.
Key Highlights
- 1Verizon on track to meet Q3 financial guidance.
- 2Company assessing the financial impact of recent terrorist attacks.
- 3Potential earnings impact of approximately $0.02 per share in Q3 and Q4 due to terrorist attacks.
- 4Reaffirmed annual revenue growth target of 5%.
- 5Third-quarter earnings release scheduled for October 30, 2001.
- 6Information provided during a presentation at the Goldman Sachs Communacopia X Conference.