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 NEW YORK (AP) - Verizon Communications Inc.'s profit edged higher in the third quarter as record growth in wireless and broadband subscribers offset the ongoing declines in traditional phone lines at the big telecommunications company that is buying MCI Inc.
Verizon said Thursday it earned $1.87 billion, or 67 cents per share, in the July-September period, up from $1.80 billion, or 64 cents a share, a year ago.
The latest results included a net gain of $37 million from the sale of a New York City office building as well as tax benefits of $115 million that included a repatriation of foreign earnings. Those gains were roughly offset by a $125 million expense relating to Verizon's investment in aircraft leases impacted by recent airline bankruptcies.
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