Market Features
CenturyLink 3Q Profit Triples On Embarq Buyout
MONROE, La. (AP) — Telecommunications company CenturyLink on Thursday said its third-quarter profit more than doubled following its July purchase of Embarq Corp.
The company, formerly known as CenturyTel, also raised its profit forecast for the year. Net income rose to $280.8 million, or 94 cents per share, compared with $84.7 million, or 83 cents per share, in the third quarter of 2008. The results include various gains and charges associated with buying Embarq. Excluding these items, profit in the recent quarter was 90 cents per share. The number of shares outstanding nearly tripled as a result of the $5.8 billion acquisition, which was done with stock. Analysts polled by Thomson Reuters, on average, expected profit of 81 cents per share. Analyst estimates typically do not include one-time gains and charges. CenturyLink said revenue almost tripled to $1.87 billion from $650.1 million. Embarq contributed $1.3 billion in revenue. Wall Street forecast revenue of $1.88 billion.TheStreet Premium Services
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