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Thursday March 30 5:03 PM ET
Intel Settles Tax Issues, Sees Lower Q1 Taxes
SANTA CLARA, Calif. (Reuters) - Intel Corp. (NasdaqNM:INTC - news) on Thursday said the U.S. Internal Revenue Service has ended a review of its tax returns through 1998 resulting in adjustments that will cut its first quarter tax provision by $600 million, or 17 cents a share.
Intel, the world's largest maker of semiconductor chips for personal computers, said the adjustments were for the 'inter-company allocation of profits.'
It said the tax gain reverses previously accrued taxes, which results in the lower tax provision.
Intel said its previous guidance of a 31.7 percent tax rate for the year 2000 remains unchanged when excluding the $600 million reversal and other acquisition-related costs.
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Intel expects to report first quarter earnings after the close of the market on April 18.
Santa Clara, Calif.-based Intel is expected to beat Wall Street estimates of a per share profit of 69 cents for the quarter, amid a full rebound in the semiconductor industry.
Revenues, which Intel had predicted will be slightly down from the fourth quarter, could even be flat to down around 2 percent to 4 percent, analysts said.
Intel shares ended trading off 4 7/8 at 127 on the Nasdaq market system. The news announcement came after the market closed. |
