posted solid first-quarter earnings Thursday and stuck with the financial forecast it struck in January.
The big phone company reported a first-quarter operating profit of $2.46 billion, or 74 cents a share, up from $1.63 billion, or 48 cents a share, a year earlier. Revenue slipped to $10.33 billion from $10.52 billion a year earlier. Excluding one-time items, latest-quarter net was 42 cents a share, beating the Wall Street consensus of 37 cents.
"Our execution in the first quarter was solid, as we gained additional momentum in key growth drivers," CEO Edward E. Whitacre Jr. said. "We had our best-ever quarter for DSL and long-distance subscriber growth, and we expect continued strong results from innovative product bundles and an aggressive marketing campaign."
On Thursday, SBC rose 24 cents to $22.04.