From thestreet.com
Qwest Tops Estimates by 2 Cents
By Tim Arango
TheStreet.com/NYTimes.com Staff Reporter
7/19/00 7:17 AM ET
Qwest Communications (Q:NYSE - news), the long-distance and Internet
broadband company that recently acquired US West, reported earnings above
Wall Street estimates amid strong growth in Internet and data services.
At the same time, the company said it is on track to meet its own year-end
projections of $7.4 billion in earnings on $18.5 million of revenue for the combined
company.
For the second quarter Qwest earned 5 cents a share,
before costs related to the merger, up from 3 cents earned
in the same period last year.
The figure was up 2 cents from the 3 cents a share that
Wall Street analysts expected from Denver-based Qwest, according to First
Call/Thomson Financial.
The company earned $1.28 billion in revenue, up 47% from last year's
second-quarter figure of $873.7 million. Qwest, the country's fourth-largest
long-distance carrier, earned $37.2 million in profits, up from last year's figure of
$18.5 million. After accounting for costs related to the merger, a $36 billion deal
completed June 30, Qwest's profits sank to $7.2 million, or a penny a share.
Data revenue grew $158 million, or 38%, to a total of $568 million, the company
said. Wireless generated $120 million in sales, up 118% from last year's second
quarter. |
