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GTE meets 4Q target
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January 27, 2000: 8:17 a.m. ET
Telecom cites wireless, Internet growth in last quarter before merger
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NEW YORK (CNNfn) - GTE Corp. hit earnings estimates in what is likely to be its last full quarter as an independent company.
The telephone company had fourth-quarter adjusted earnings before charges and items of $961 million, or 98 cents a diluted share, in line with estimates of analysts surveyed by First Call. A year earlier, the Irving, Texas, company had net income of $855, or 88 cents a diluted share.
Including all special items and charges, GTE's net income for the quarter came to $1.0 billion, or $1.03 a share. Revenue rose to $6.7 billion from $6.0 billion a year ago.
As with other telecom companies that already have reported, the company saw the greatest growth in non-core services, including wireless and high- speed Internet access.
The regional local telephone company is being purchased by Bell Atlantic Corp. (BEL) in a deal expected to close soon.
For the year, GTE had adjusted earnings before charges and items of $3.4 billion, or $3.49 a diluted share, up from $3.0 billion, or $3.07 a diluted share the previous year. Revenue rose 8.7 percent to $25.3 billion from $23.3 billion in 1998.
In trading Wednesday, GTE (GTE) shares were down 3/4 to 68. 
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GTE Corp.
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