Article Abstract:
AT and T's stock closed at $39.125 a share, down $2.125, on Jun 27, 1990, after the company announced its 2nd qtr earnings were likely to be lower than earnings for the same period in 1989. AT and T attributed the drop to lagging sales of computer and telephone equipment, and to the high cost of entering the credit card market. The telephone company expects that earnings for 1990 will exceed 1989 earnings, which were $2.7 billion on $36.1 billion in sales, but the company says it will be difficult to meet the target of 10 to 12 percent annual earnings growth. Analysts reduced 2nd qtr 1990 estimates to 58 cents a share, from 72 cents a share, and cut estimates of 1990 profit to $2.65 a share, from $2.90 a share.
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Article Abstract:
Southwestern Bell Corp reports a 10 percent drop in earnings for the 4th qtr 1990. The telephone company attributes the drop in earnings to a one-time charge of $45 million, which is the result of a voluntary severance and retirement program that 1,100 managers took advantage of. Fourth qtr 1990 earnings were $267.5 million, or 89 cents a share, on revenue of $2.45 billion. Earnings for the same period in 1989 were $297.2 million, or 99 cents a share, on sales of $2.32 billion. Southwestern Bell's earnings increased 5.1 percent for the 4th qtr in 1990 when the $45 million charge is excluded. The telephone company's stock falls $2.375 a share to $50.25 a share on Jan 23, 1991.
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Article Abstract:
AT&T reports net income in the 2nd qtr of 1992 up by 3.6 percent, to $961 million. Revenue is up less than one percent, at $15.85 billion. AT&T says a comparison with the 2nd qtr in 1991 is misleading because last year's numbers were helped by a one-time gain resulting from an $87 million sale of Sun Microsystems' stock. AT&T's own stock closed up 75 cents, at $44.875. Nynex Corp reports 2nd qtr earnings up 13.9 percent, to $331.1 million, or $1.62 a share. Revenue for the 2nd qtr fell 2.3 percent, to $3.28 billion. Nynex says that its cellular telephone income increased by 24 percent, to $21.7 million, and revenue increased 7.5 percent, to $89.9 million.
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