US WEST reports net income of $336.3 million for the quarter ended June 30, a 25 percent increase over income reported during the same period a year ago.
Earnings per share for the period totaled $1.83, nearly 29 percent higher than the $1.42 per share for the second quarter of 1987, when the company reported net income of $268.8 million.This year's second-quarter results included a non-recurring, after-tax gain of $88.7 million, or 48 cents per share, from the sale in April of 9.66 million shares of Class A common stock by US WEST NewVector Group Inc., the company's cellular and paging subsidiary.
Total revenues for the quarter ended June 30 were $2.21 billion, compared to $2.11 billion for the comparable period of 1987, officials said.
"Our 1988 earnings remain on target with our expectations," said Jack MacAllister, chairman and chief executive officer. "We continue to expect our 1988 earnings growth to come from our non-telephone operations."
For the six months ended June 30, US WEST reported earnings per share of $3.13 on net income of $576.8 million, compared to per-share earnings of $2.49 on net income of $473 million during the first six months of 1987.
The company's telephone subsidiaries, operating under the name US WEST Communications, reported net income of $489.2 million for the first six months of 1988, compared to $476.5 million for the same period in 1987.
US WEST owns US WEST Communications and other companies involved in telecommunications, publishing, financial services, commercial real estate, cellular mobile communications and paging, computer software and business communications products and services.