Qwest Communications (Q) has announced fourth-quarter 2009 earnings with adjusted (excluding severance charges) earnings per share (EPS) of 8 cents, matching the Zacks Consensus Estimate while falling from the year-ago quarter adjusted EPS of 11 cents. For full year 2009, EPS of 38 cents missed the Zacks Consensus Estimate of 40 cents.

Reported net income plunged 39% year-over-year to $108 million or 6 cents a share due to higher non-cash pension expenses, increased severance costs (associated with job cuts) and lower revenues as erosion in legacy landline business continues due to wireless substitution.

Operating revenue declined 9.7% from the prior-year quarter to $2.99 billion, a tad shy of the Zacks Consensus Estimate. Revenue for full year 2009 declined 8.6% year-over-year to $12.3 billion, in-line with the Zacks Consensus Estimate.

The annualized revenue decline is primarily attributable to lower voice service revenue as consumers continue to disconnect their landline services. Adjusted EBITDA for

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Qwest Communications (Q) has announced third-quarter 2009 earnings with reported earnings per share (EPS) of 8 cents matching both the Zacks Consensus Estimate and the year-ago quarter EPS. Net income declined 6.2% year over year to $136 million on lower revenues as erosion in legacy landline business continues. Operating revenue declined 9.6% from the prior-year quarter to $3.05 billion, primarily due to lower voice service revenue as consumers continue to disconnect their landline services. Qwest reported healthy growth in Internet revenue in the quarter, driven by respectable broadband customer growth. However, voice service revenue declined due to access line erosion. Results by Segment Business Markets Revenue from the business market segment declined 1% year over year to $1 billion due to declines across legacy voice and data businesses. The segment contributed 33.8% of the group revenue for the quarter. Driven by growth in ...