Update: WorldCom Meets Estimates as Profits Jump 26%

Updated from 10:40 a.m. EDT

WorldCom (WCOM Quote), the country's second-largest long-distance telephone company, announced a 26% increase in third-quarter profits Thursday, meeting Wall Street expectations, and said it would unveil a plan next week to restructure the company.

Clinton, Miss.-based WorldCom earned $1.37 billion, or 47 cents a share, in the third quarter, excluding one-time charges. That's up from net income of $1.08 billion, or 37 cents a share, in the same period a year earlier. WorldCom's third-quarter results matched the consensus estimate among Wall Street analysts surveyed by First Call/Thomson Financial. ...