AMERITECH on Thursday reported earnings of $990.6 million, or $10.17 a share, for 1984, its first year of business. The figures were higher than the company had projected.
In the fourth quarter, Ameritech earned $202.9 million, or $2.07 a share, on revenue of $2.13 billion. Expenses for the quarter were $1.69 billion.
There were several significant charges that reduced earnings in the fourth quarter by $47.5 million, or 48 cents a share, the company said.
Revenue in 1984 for the Chicago firm, parent of the Bell companies serving Illinois, Indiana, Michigan, Ohio and Wisconsin and five other subsidiaries, was $8.35 billion.
”We exceeded our 1984 earnings projection of $923.7 million, or $9.47 per share, by 7.2 percent,” said William L. Weiss, chairman and chief executive officer.
”While revenues matched our forecast, our ability to control expenses enabled us to exceed expectations,” he said. Expenses for the year were $6.20 billion, or $118.9 million less than projected.
Return on equity for the year was 14.3 percent, and return on capital was 11.1 percent.
The largest fourth-quarter charge stemmed from a December ruling by the Wisconsin Public Service Commission, which ordered a $23.7 million refund to Wisconsin Bell customers and approved a $33.7 million increase in that company`s depreciation expenses, Weiss said.
Other one-time charges included a management stock award program, a Federal Communications Commission-ordered revenue reduction and early retirement incentive programs in several Ameritech companies, he said.
