Avaya warns on Q4 earnings, sales
10/9/01 5:36 PM ET
BASKING RIDGE, N.J., Oct 9 (Reuters) - Communications
equipment maker Avaya Inc. (AV.N) on Tuesday said fiscal
fourth-quarter sales would fall 30 percent from a year ago and
earnings would miss Wall Street estimates due to the weak
economy.
Avaya said it would report earnings of 3 to 4 cents per
diluted share, excluding restructuring charges, in the fourth
quarter and that revenue would drop about 30 percent from the
year-ago quarter, ending in September.
Analysts polled by Thomson Financial/First Call had
expected earnings per share of 8 to 15 cents, with a consensus
of 10 cents, compared with 7 cents a year ago, and sales of
$1.56 billion, down from $2 billion a year ago.
"In the fourth quarter and especially in September,
enterprises continued to delay purchase decisions," Chief
Financial Officer Garry McGuire said in a statement that blamed
"continuing weak economy conditions" for the results.
REUTERS
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