FDRY beats analyst expectations ...(JNIC Sold off)
By Bloomberg News
October 17, 2000, 3:10 p.m. PT
Foundry Networks, a computer-network switch maker whose shares have fallen 53 percent this year, said third-quarter earnings more than quadrupled as sales almost tripled.
Net income climbed to $27.2 million, or 22 cents a share, from $5.81 million, or 5 cents, a year earlier. Revenue rose to $113.2 million from $38.9 million and was up 28 percent from the second quarter's $88.8 million.
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The company made the announcement in a release distributed by Business Wire. Company officials couldn't immediately be reached to confirm.
Excluding costs for amortization of deferred stock compensation, profit was $28.5 million, or 22 cents a share. Analysts polled by First Call/Thomson Financial expected Foundry to earn 20 cents a share.
The San Jose, Calif.-based company was forecast to have revenue of about $99 million, the average estimate of four analysts polled by IBES International.
Foundry is benefiting from surging demand for Internet capacity as customers like America Online buy its switches. Recent sales growth has lagged some rivals, though, including Extreme Networks, Foundry's most comparable competitor. Extreme shares have more than doubled this year to give the company a higher market value than Foundry's. |
