Verizon Says New U.S. Tax Legislation To Extend Fourth-quarter Earnings

NEW YORK (P3P) – Verizon Communications Inc mentioned on Wednesday the tax overhaul invoice signed into legislation by U.S. President Donald Trump late final yr will lead to a one-time discount in internet deferred earnings tax liabilities of about $16.eight billion.

The discount will improve earnings for the fourth quarter and yr ending Dec. 31, 2017, however is not going to have any affect on the 2017 assertion of money flows, Verizon mentioned in a submitting.

Verizon estimates that the affect of the legislation to earnings per share for the yr ended Dec. 31 is about $four.10.

Analysts and buyers had anticipated that the legislation, which slashes the company tax price from 35 p.c to 21 p.c, to spice up company earnings. Telecom corporations stand to learn as a result of they’re primarily home companies.

Verizon additionally mentioned it expects a separate accounting change carried out on Jan. 1, 2018 to extend pre-tax retained earnings by $four billion to $four.6 billion.

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