Qwest Communications International Inc. posted second-quarter earnings Wednesday that more than doubled from the same period last year.
The Denver-based phone company said net income was $246 million, or 13 cents per share, compared with $117 million, or 6 cents per share, during the second quarter in 2006. It was the sixth consecutive quarter Qwest netted a profit.
Qwest did miss analyst expectations, though, sending stocks down in morning trading. Analysts had been estimating that the companys net income would be 14 or 15 cents oer share. Qwest shares were down 2.1 percent to $8.35.
The quarterly earnings were strengthened by cost-cutting efforts that helped counter fewer phone customers and weak sales.
The company said it has completed its $2 billion share buyback plan and has eliminated $356 million in debt. Qwest also said it cut its operating costs by 4.2 percent to $2.93 million.
Its landline numbers dropped 7.1 percent and total residential lines dropped 6.1 percent. Wholesale revenue was down less than 1 percent, Qwest said.
The company did add 100,000 broadband customers and bundle penetration increased 60 percent.
Revenue declined slightly from $3.46 million from $3.47 million in 2006.
Qwest Communications International Inc. www.qwest.com
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January 21 2020 @ 19:35:32 UTC