MONROE, La. (AP) _ CenturyLink Inc. (CTL) on Wednesday reported first-quarter net income of $314 million, after reporting a loss in the same period a year earlier.
The Monroe, Louisiana-based company said it had profit of 29 cents per share. Earnings, adjusted for non-recurring costs, were 37 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The communications company posted revenue of $5.23 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $5.48 billion.
CenturyLink shares have decreased 25% since the beginning of the year, while the Standard & Poor's 500 index has dropped 12%. In the final minutes of trading on Wednesday, shares hit $9.88, a fall of 14% in the last 12 months.