International Inc. narrowed its third-quarter loss thanks to a
four-fold increase in revenue and strong growth across all of its key sectors.
Despite strong revenue growth, higher network and construction costs
resulted in a loss of $5 million, or 2 cents a share, in the quarter
compared to a profit of $12.8 million, or 6 cents a share, a year ago.
Those results beat analysts’ expectations of a 6-cent loss, according to
First Call Research Network which tracks such forecasts.
Denver-based Qwest provides a variety of communications services to
telephone companies, businesses and consumers and also builds and installs
fiber optic networks.
Revenue more than quadrupled to $806.8 million from $189 million in 1997’s
For the first nine months of 1998, Qwest lost $888.1 million, or $3.42 a
share, compared to a profit of $2.3 million, or 1 cent a share, in 1997.
Qwest Executive Vice President and Chief Financial Officer Robert Woodruff
said strong growth will continue to drive the company’s results.
“While Qwest makes progress on its network construction, invests for future
growth and successfully integrates its recent acquisitions, the company
continues to realize improve (pre-tax earnings) and revenue,” he said.