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5 years ago
Verizon sees $9 billion to $10 billion in one-time items for fourth quarter
January 8, 2013 / 12:01 PM / 5 years ago

Verizon sees $9 billion to $10 billion in one-time items for fourth quarter

Lowell McAdam, Verizon president and COO, speaks at Verizon's iPhone 4 launch event in New York January 11, 2011.Brendan McDermid

BOSTON (Reuters) - Verizon Communications Inc (VZ.N) Chief Executive Lowell McAdam said that he expects his company to take $9 billion to $10 billion in one-time items when it reports fourth-quarter results.

He said Superstorm Sandy had about a $1 billion impact on Verizon's business, about a third of which was covered by insurance. He said the company will take charges of about $1.5 billion related to refinancing debt and about $7 billion related to pension liabilities.

He made the comments Monday at a Citi investment conference.

Reporting by Jim Finkle; Editing by Gary Hill

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