Bell Atlantic's 3rd-quarter profit rose, U S West's fell while SNET's jumped
Article Abstract:
Philadelphia-based Bell Atlantic Corp reports 3rd qtr FY 1991 earnings rose 6.8 percent on a slight revenue increase, to $3.1 billion. The company says much of the earnings came from a partial sale of its investment in Telecom Corp of New Zealand. For the first three quarters, net income rose 1.4 percent, from $1.08 billion to $1.09 billion. Revenues fell slightly, from $9.19 billion to $9.18 billion. Englewood, CO-based U S West Inc reports an earnings drop of 11 percent for 3rd qtr FY 1991, while revenue rose from $2.48 billion to $2.62 billion. Revenue for the first three quarters rose 3.4 percent to $7.58 billion. The corporation attributed the earnings decrease to reductions in interstate telephone rates and rebates to customers. Southern New England Telecommunications Corp reports a decrease of 5 percent in earnings, once two large one-time charges are eliminated from the 3rd qtr FY 1990 balance sheet. The company expects to see the effect of these savings beginning in 1992.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
User Contributions:
Comment about this article or add new information about this topic:
Four Baby Bells report net was generally flat; results indicate recession has reduced businesses' use of telephone service
Article Abstract:
US West Inc, Bell Atlantic Corp, BellSouth Corp and NYNEX Corp all report flat earnings for the 1st qtr of 1991. Industry observers blame the US recession and the decline of business use for the poor quarterly showing of the four regional Bell holding companies (RBHCs). US West weathered the recession the best and reported earnings of 73 cents a share; revenue for the RBHC rose by one percent when compared to the same period in 1990. Revenue for Bell Atlantic during the 1st qtr of 1991 declined to $3 billion from $3.02 billion during the 1st qtr of 1990. BellSouth experienced a slight growth in revenue, from $3.52 billion in the 1st qtr of 1990 to $3.54 billion in the current period, but also experienced a 2.7 percent rise in operating expenses. NYNEX reports flat revenue for the 1st qtr of 1991.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Bell Atlantic, Southern New England post strong profit gains for 3rd period
- Abstracts: Intel second-quarter profit fell 7.6%, but revenue, orders show solid growth. Big chip maker posts small profit for second period
- Abstracts: Intel's net rose in 3rd quarter; AMD had loss. Intel's profit rose by 72% to record in second quarter
- Abstracts: Network Equipment says quarterly net will trail forecast made just last week. Quarterly net doubles at Sun Microsystems
- Abstracts: Bell firms, armed with $21 million, try to foster public outcry to lift legal restraints on services. Long-distance phone companies gird for wireless war; for AT&T, MCI and Sprint, future is in personal communications services