CenturyLink Inc. on Wednesday said it expects to achieve greater savings than previously forecast through its 2011 acquisition of Qwest Communications International Inc.

In its first-quarter earnings report, CenturyLink raised its target of annual operating expense synergies from $575 million to $650 million. The telecom provider anticipates achieving those synergies, or merger-related savings, over the next two to four years.

"We now expect to exit 2012 with approximately $465 million in annual run-rate synergies related to the Qwest acquisition," CenturyLink said.

CenturyLink's acquisitions last year of Qwest and Savvis Inc. significantly increased its first-quarter operating revenues to $4.61 billion. That figure is up from $1.70 billion in the year-ago quarter and was in line with CenturyLink's guidance, the company said.

But on a pro forma basis, revenues declined 2.7 percent.

Quarterly net income, year over year, fell from $211 million, or diluted earnings per share of $0.69, to $200 million, or diluted EPS of $0.32.