Rural telephone company CenturyTel Inc. Thursday posted a higher third-quarter profit from a gain on the sale of its wireless operations and strong demand for long distance and high-speed Internet services.
Net income rose to $607.7 million, or $4.26 a share, from $106.3 million, or 75 cents a share, a year earlier. The current third-quarter results included a $551.4 million after-tax gain on the wireless sale.
Excluding one-time items, profits totaled $81.1 million, or 57 cents a share, compared with $77.9 million, or 55 cents a share, a year earlier.
Due to their stability as a group and the fact that they can draw from the U.S. Department of Agricultures Rural Utilities Services funds, rural telcos in recent months have garnered some spotlight, particularly from struggling equipment companies searching for customers with shorter buy cycles and money to spend.
