Verizon Boosts Targets After Canceling Deal

Verizon Communications raised its 2001 and 2002 earnings targets a day after canceling the planned acquisition of NorthPoint Communications Group Inc. The New York-based telecommunications giant said it expects an 8% increase in per-share earnings next year, to $3.13 to $3.17 a share. Per-share profit in 2002 is expected to increase 12%, to $3.49 to $3.53 a share. The company’s growth target for next year was originally 5% to 6%, including dilution from the NorthPoint purchase.

The company also announced that its wireless unit said customers in Los Angeles can now send and receive e-mail on their phones. Rivals AT&T; Wireless Group and Sprint PCS Group offer similar services. Verizon Wireless customers will pay 10 cents for each message they send and 2 cents for each one they receive. Other monthly plans include 100 messages for $2.99 or 600 messages for $7.99. Verizon shares gained 38 cents to close at $56.19 on the New York Stock Exchange.