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October 15, 1997updated 03 Sep 2016 12:50pm

GTE REPORTS Q3 AHEAD OF EXPECTATIONS

By CBR Staff Writer

GTE Corp put up third quarter numbers that didn’t move much from last year’s figures but still managed to beat estimates slightly. The Stamford, Connecticut-based telecom giant reported third- quarter net income that remained flat at $756m, or $0.79 per share – which bested the First Call consensus by $0.02. Revenue grew 11% to $5.94bn. The company says that its new data service initiatives, including residual costs from it acquisition of BBN Corp (CI No 3,155) reduced net income by $68m, or $0.07 per share. Without the costs, net income would have grown 9% and earnings per share would have increased by 10.3%. GTE Internetworking did add $127m to the company’s top line, however. The company saw an 8% growth in domestic access lines and 16% growth in domestic access minutes for long-distance calling. Sales of premium services grew by $176m during the quarter and 221,000 long-distance customers were added. The cellular business has seen 26% growth domestically with 140,000 new customers signed on during Q3. The company’s core operating income grew 9.8% to $1.59bn. Nine-month net income rose 4% to $2.09bn on revenue up 8.5% at $16.91bn. Earning per share grew 5.3% to $2.18 for the nine months.

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