GTE Corp. said Tuesday that its profit...
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GTE Corp. said Tuesday that its profit more than doubled in the first quarter, largely because its earnings in the comparable quarter last year were reduced by costs stemming from its merger with Contel Corp.
The telecommunications and electronics company reported earnings of $427 million, or 47 cents a share, in the quarter, compared to $197 million, or 21 cents a share, during the same period last year.
GTE’s earnings actually rose only 7% in the quarter without the one-time charge of $204 million in March, 1991, which resulted from the company’s merger with Contel, an Atlanta-based communications company.
Revenue totaled $4.8 billion in the first quarter, up from $4.7 billion a year earlier. The company attributed the increase to improved sales and a reduction in expenses.
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