To: SJS who wrote (2866 ) 2/4/1999 9:12:00 AM From: Mohan Marette Read Replies (1) | Respond to
Qwest sees more international growth and partnerships.Qwest sees more international growth, partnerships Qwest Communications International Inc. (Nasdaq:QWST - news), the No. 4 U.S. long distance company, said it expects to expand internationally and may launch a public offering of its joint venture with Dutch communications company KPN Telecom . ''You should expect us to continue our global expansion, particularly establishing KPN Qwest as a major force in the European market, and you should, perhaps, expect us to extend our presence, looking to the Far East, this year,'' Qwest chief executive Joseph Nacchio said Wednesday in a conference call following the company's fourth quarter earnings report. Nacchio expects to make additional investments in Europe through the KPN Qwest joint venture formed in November. Qwest and KPN may spin-off the venture as a separate entity and launch a public offering, Nacchio said. ''We may potentially, though it isn't concluding yet, we may actually take this venture public as a separate entity,'' Nacchio said. The results beat Wall Street earnings expectations of $0.02 a share, according to First Call, which tracks analysts' estimates. Qwest also said it won a $1 billion subcontract to upgrade the U.S. Department of Treasury's communications system, its largest commercial contract ever. The company also reiterated that it is on track to achieve the previously expected synergies, or benefits, of its recent acquisitions. By the year 2001, Qwest expects to see $1.2 billion in operational synergies, $300 million in revenue synergies and $600 million in capital synergies. Qwest expects to complete construction of its 18,500-mile fiber optic communications network, which will link 130 cities, by mid-year.
