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EARNINGS
NEW YORK (AP) -- Verizon strengthened its position as the top dog of the wireless industry in its latest quarter by raking in new subscribers and selling millions of iPhones, but also posted a record loss.
The loss of $4.23 billion, or $1.48 per share, for the fourth quarter was caused mainly by adjustments to the value of its pension funds and obligations, an annual routine for Verizon Communications Inc.
But even excluding the pension effects, the New York-based phone company missed Wall Street's earnings expectations when reporting Tuesday because of the cost of repairs after Superstorm Sandy and "aggressive" advertising and price cuts on smartphones.
Verizon's loss for the October to December period compared with a loss of $2.02 billion or 71 cents per share, a year ago. Excluding the pension adjustments and various other charges, Verizon earned 38 cents per share.
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Northwest Bancshares on Tuesday reported higher net profits in the fourth quarter, but lower net profits for the full year.
For the quarter, net profits improved by 7.6 percent to $16.3 million (18 cents a share) from $15.2 million (16 cents a share) in 2011's fourth quarter.
For the year, though, net profits fell 0.9 percent to $63.6 million (68 cents a share) from $64.2 million (64 cents a share) in 2011.
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