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AT&T rings up solid 2Q
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July 23, 1998: 8:36 a.m. ET
Operating earnings come in slightly ahead of Wall Street forecasts
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NEW YORK (CNNfn) - AT&T Corp. said Thursday its second-quarter operating earnings came in slightly ahead of Wall Street forecasts, but its profits were lower after factoring in restructuring charges and a gain from a sale of discontinued operations.
The company reported operating earnings of 91 cents a share, a penny ahead of First Call estimates. AT&T posted $12.86 billion in revenue for the quarter.
Those results, however, don't include a $2.7 billion charge related to its voluntary retirement program or a $1.29 billion gain from the sale of its Universal Card Services business to Citibank.
Including those items, AT&T reported net income of $1.15 billion, or 71 cents a share.
A year earlier, the telephone behemoth earned $959 million, or 59 cents a share, on revenue of $12.73 billion.
AT&T said its board of directors has authorized the repurchase of up to $3 billion of common stock.
In June, AT&T announced plans to acquire cable giant Tele-Communications Inc. for $48 billion.
The company said it intends to repurchase shares from time to time prior to the closing of the TCI merger through an open market share repurchase program, and to reissue the repurchased shares in connection with the TCI merger.
For the first six months, AT&T reported earnings of $2.4 billion, or $1.51 a share, on $25.5 billion in revenue, compared with $2.08 billion, or $1.28 a share, on $25.3 billion in revenue a year earlier.
AT&T (T) shares closed at 57-11/16 in Wednesday trading, off 7/8. 
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AT&T
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