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Qwest Communications Beats Third-Quarter Estimates

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Qwest Communications

(Q)

reported third-quarter earnings that beat Wall Street's expectations for the period.

Excluding nonrecurring items, the company reported third-quarter income of $231 million, or 14 cents a diluted share, up from $195 million, or 12 cents a share, in the year-ago period.

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According to a

First Call/Thomson Financial

survey, 13 analysts expected the company to earn 9 cents a share for the quarter.

Revenue rose 12.4% to $4.77 billion from a normalized rate of $4.24 billion a year ago. Qwest, which is based in Denver, said it remains on track to achieve its 2000 revenue target of $18.8 billion to $19.1 billion and earnings before interest, taxes, depreciation and amortization of $7.4 billion.