Verizon profit skids 75 pct on one-time effect of health care reform package, revenue rises

Verizon earnings down 75 pct on benefits charge

NEW YORK — Verizon says its earnings fell by 75 percent in the first three months of the year, brought down in large part by the one-time tax effect of the health care reform bill.

But its adjusted earnings topped Wall Street estimates and its revenue rose 4.4 percent.

The nation’s second biggest phone company earned $409 million, or 14 cents per share, in the quarter. That’s down from $1.645 billion, or 58 cents per share, a year earlier.

The results included a previously announced a charge of 34 cents per share, to reflect a change in the health care reform package regarding the tax treatment of benefits.

Excluding that and other one-time items, Verizon Communications Inc. says it earned 58 cents per share — two cents above analysts’ estimate.