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MCI 1Q earnings jump
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April 29, 1999: 9:06 a.m. ET
Long-distance company's profit beats Wall St. forecasts by 2 cents a share
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NEW YORK (CNNfn) - MCI Worldcom Thursday reported better-than-expected first-quarter profits on strength in its Internet and data communications operations.
The nation's second-biggest long-distance phone company said sales from traditional voice lines rose 7 percent, while sales in its Internet business jumped 60 percent and data revenue increased 31 percent. International sales grew 55 percent.
MCI Worldcom said it earned $725 million, or 37 cents a diluted share, in the quarter, compared with a loss of $409 million, or 41 cents a share, which included one-time charges, a year earlier.
Excluding its interest in Embratel, the Brazilian phone company, and a one-time gain on asset sales, earnings for the latest quarter equaled 36 cents a share, MCI Worldcom said, topping forecasts of 34 cents a share compiled by First Call, which tracks analysts' estimates.
Sales rose to $9 billion from $2.3 billion, reflecting the merger of MCI and Worldcom that formed the company last year. Excluding Embratel and assuming the merger was in effect in the 1998 quarter, revenue rose 15 percent to $8.32 billion.
MCI Worldcom stock rose 1/16 to 87-11/16 Wednesday. 
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MCI Worldcom
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