NEW YORK — Verizon Communications Inc. today reported fourth-quarter profit of $4.59 billion.

On a per-share basis, the company said it had profit of $1.11. Earnings, adjusted for severance costs and non-recurring costs, came to $1.21 per share.

The results beat Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.

The largest U.S. cellphone carrier posted revenue of $34.69 billion in the period, which also topped Street forecasts. Seventeen analysts surveyed by Zacks expected $34.44 billion.

For the year, the company reported profit of $17.8 billion, or $4.30 per share. Revenue was reported as $128.29 billion.

Verizon expects full-year earnings in the range of $5 to $5.15 per share.

Verizon shares have declined roughly 1% since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 3%. The stock has dropped 3.5% in the past 12 months.