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News > Companies
SBC tops profit forecasts
October 23, 2000: 9:15 a.m. ET

Growth in data, wireless and move into long distance help it keep EPS even
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NEW YORK (CNNfn) - SBC Communications Inc. edged past third-quarter earnings estimates Monday with strong results from its operations outside its core local phone service.

The company earned $1.96 billion, or 57 cents a share, in the third quarter excluding one-time items. That's down slightly from the $1.97 billion it earned in the year-earlier period, which also came to 57 cents a share.

Analysts surveyed by earnings tracker First Call expected SBC earnings to fall 56 cents a share in the quarter.

graphicIncluding one-time items, net income rose to $3 billion, or 88 cents a diluted share, from  $1.1 billion, or 33 cents, a year earlier. The one-time items this year came principally from the sales of a Hungarian telecommunications company and NetCom, a wireless provider in Norway and about $300 million in merger-related costs.

Revenue climbed 8 percent to $13.5 billion from $12.5 billion, excluding one-time items a year earlier. The so-called Baby Bell, which still sees most revenue from local phone service, said strong results from data and wireless business drove the growth. Local phone revenue increased 14 percent to $5.7 billion, while wireless revenue grew 17.7 percent to $2.2 billion.

For the first nine months of 2000, net income rose to $6.67 billion, or $1.95 a share, from $5.05 billion, or $1.46 a share, while year-to-date revenue rose 7.1 percent to $39.2 billion from $36.6 billion in first three quarters of 1999.

Shares of SBC (SBC: Research, Estimates), a component of the Dow Jones industrial average, lost $1.31 to $50.75 in Friday trading. Back to top

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