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Verizon posts Q4 loss on pension charges, margin pressure

2015-01-22 17:06:00| Telecompaper Headlines

(Telecompaper) Verizon Communications reported fourth-quarter revenues of USD 33.2 billion, up 6.8 percent year-over-year. The US operator posted a net loss of USD 0.54 per share, versus a profit of USD 1.76 a year earlier, due to a number of one-time charges for retirement benefits and financing costs. Excluding these items, EPS rose 7.6 percent year-on-year to USD 0.71. Over the full year, revenues increased 5.4 percent to USD 127.1 billion, helped by new revenues streams from the Internet of Things and telematics, which grew 45 percent to USD 585 million. Free cash flow totalled USD 13.4 billion, after capital expenditures increased 3.5 percent to USD 17.2 billion. For 2015, Verizon targets revenue growth of at least 4 percent and an adjusted EBITDA margin in line with the full-year 2014 performance. Capital spending is projected to increase slightly to USD 17.5-18.0 billion.

Tags: posts loss pressure charges

Contractor Cites Pension Fund Claim as Reason for Bankruptcy

2015-01-21 01:28:47| ENR.com: Headline News

Tennessee masonry contractor Wasco takes an unusual step in seeking protection during a messy disagreement over millions a union pension fund says the company owes.

Tags: reason claim fund contractor

PBGC Wants Reporting on Lump-Sum Pension Cash-Outs and Annuity Purchases

2015-01-20 06:07:59| IT Services - Topix.net

With pension buyouts continuing apace, the Pension Benefit Guaranty Corporation has asked the Office of Management and Budget for approval to modify the PBGC's 2015 premium payment forms to require reporting of certain "risk transfers" through "lump-sum window" and annuity purchases over a three-year period. During the past few years, billions of dollars of benefit obligations of pension plans of Fortune 500 companies and smaller employers have been eliminated through lump-sum distributions and purchases of annuity contracts issued by insurance companies.

Tags: reporting purchases pension annuity