Lucent says profits rise, to spin off MicroElectronics unit in an IPO.
NEW YORK, July 20 (Reuters) - Lucent Technologies Inc.
, the world's largest telecommunications equipment maker,
on Thursday said it plans to spin off its microelectronics unit
and reported quarterly profits from continuing operations rose
30 percent, surpassing Wall Street expectations.
Murray Hill, N.J.-based Lucent said its profits for the
fiscal third quarter, ended June 30, rose to $1.007 billion, or
30 cents a share, from $732 million, or 23 cents a share, a
year earlier. Analysts had expected earnings of 29 cents a
share, according to research firm First Call/Thomson Financial.
Third-quarter revenues increased 20 percent, to $8.713
billion from $7.245 billion a year ago, amid strong sales in
data and optical networking equipment. Sales of equipment to
telephone companies and other service providers rose by 16
percent to $6.885 billion, while sales in microelectronics and
communications technologies increased by 39 percent to $1.809
billion.
Lucent also scaled back some growth forecasts. It said it
expects fourth-quarter pro forma revenues and earnings per
share from continuing operations to grow about 15 percent,
lower than its previous forecast of about 20 percent.
In the first quarter of 2001, revenues from continuing
operations will increase 20 percent, but pro forma earnings per
share will fall 15 percent, due in part to a switch to products
with lower profit margins, it said. For the full year fiscal
2001, the company expects to return to 20 percent revenue
growth and 20 percent growth in pro forma earnings per share.
REUTERS
Rtr 07:33 07-20-00 |
