­USA based Verizon Communications has reported a third consecutive quarter of double-digit percentage growth in year-over-year earnings. Verizon's total operating revenues were $29 billion on a consolidated basis, an increase of 3.9 percent compared with third-quarter 2011.

Wireless revenues were up by 7.3 percent to US$19 billion, while landline revenues fell by 2.3 percent to US$9.9 billion.

Net profit rose by 21.2% to reach US$4.29 billion.

At the end of the third quarter, the company had 95.9 million retail connections, a 5.7 percent increase year over year, including 90.4 million retail postpaid connections. Smartphones now constitute more than 53 percent of Verizon Wireless' retail postpaid customer phone base, up from 50 percent at the end of second-quarter 2012.

The company ended September with 95.9 million total retail connections, 90.4 million of whom are on postpaid tariffs.

"In the third quarter, Verizon continued to deliver double-digit earnings growth and strong cash generation, and we remain solidly on track to meet our financial objectives for the year," said Lowell McAdam , Verizon chairman and CEO. 

The company has however now announced that the earlier pension transfer to Prudential Insurance will include an additional $2.5 billion contribution to the pension plan, including a $930 million contribution made last month. As a result, Verizon's revised outlook for pension funding in 2012 is estimated to be $3.4 billion, compared with the $1.3 billion estimated at the beginning of the year. 

The company ended the quarter with net long term debt of US$46.7 billion.