Qwest For Money

Last week I blogged about Qwest's decision to slash health care and life insurance benefits to thousands of the company's retirees, putting a pox on the House of Qwest. I believe the Pox is well deserved.

I'm told that there was once a time when Americans could cheer on Corporate America's accomplishments as they were in part our own. Sadly, that time has past.

Qwest Profitable - For the first time in six years:

Qwest today posted their third quarter results. After losing money for five of the past six years they've become profitable, notes Bloomberg, thanks largely to employee cuts. According to the telco, the company added 175,000 new broadband customers in the quarter. Back in June the company's CEO seemed to hint he was eager for the telco to be acquired.

Reuters Business News: Qwest posts profit on Internet growth  - MSN Money:

Qwest Communications International Inc. , the regional U.S. telephone company, on Tuesday reported a third-quarter profit compared with a loss a year earlier, helped by cost cuts and growth in its Internet service.

The Denver-based company said earnings totaled $194 million, or 9 cents per diluted share, compared with a net loss of $144 million, or 8 cents per share, in the same period a year earlier.

Analysts expected earnings of 7 cents per share, according to Reuters Estimates.

KOBTV.com - Qwest swings to 3Q profit from loss

DENVER (AP) - Denver-based Qwest Communications is reporting a large profit for the third quarter of 2006, thanks in part to reduced expenses and a benefit related to taxes.

The telecom earned $194 million for the quarter, up from a $144 million loss during the same period last year.

The profits amounted to nine cents a share, beating Wall Street estimates by two cents apiece.

Revenue slipped $10 million to less than $3.5 billion, but interest expenses also fell 24 percent to $291 million.

Qwest says it’s selling more of its advanced data products, digital voice service and high-speed Internet, which helped boost revenue.

Qwest is the primary local phone service provider in 14 states, including New Mexico.

Comments

[Eliseo Alcon]

My son was working for Qwest when he died in an auto accident. He was divorced and had custody of his 2 children. Qwest refused to pay any retirement or survivor benefits because he had no spouse.