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Qwest, General Dynamics and DreamWorks All Have Strong First Quarter

April 29, 2009 07:00 PM
by Anne Szustek
April 29’s upbeat news from the financial world: Q1 numbers for telecom Qwest, defense contractor General Dynamics and film studio DreamWorks are looking positive.

Qwest Calls In

Denver-based telecom Qwest reported year-on-year first-quarter profit growth on Wednesday. The company’s net income went up from $150 million during the first three months of 2008 to $260 million this past quarter. The telecom, which serves 14 states in the Western and Midwestern United States, saw an increase in the number of broadband television and Internet subscribers, but saw losses in residential landline phone users.

Qwest is just the latest telecom to have a strong first quarter this year, with Verizon and AT&T posting positive reports for the first three months of this year.

General Dynamics Takes Flight

General Dynamics, the defense contractor behind Abrams tanks and naval boats as well as Gulfstream business planes, saw sizeable y-o-y gains in earnings and double-digit increases in revenue this past quarter. The suburban Washington, D.C., company beat the $1.51 per-share average earnings estimate from FactSet Research, posting net earnings of $1.53 per share, or $590 million, an increase of 3.1 percent from the same period a year earlier. Company revenue shot up 18 percent year-on-year to $8.26 billion.

DreamWorks Shoots and Scores

Film studio DreamWorks exceeded Q1 analysts’ expectations as it were with earnings $0.71 per share during the first quarter of 2009, a huge y-o-y gain from the $0.28 gain during the first three quarters of 2008. DreamWorks also posted better-than-expected revenue of over $260 million during the first quarter of this year on the back of such films as “Madagascar: Escape 2 Africa” and “Kung Fu Panda,” BloggingStocks reports. This beat revenue projections by some $50 million.

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