Global Crossings sees powerful growth ahead. Up 5.6%.
Strong fiberoptics
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Global Crossing Forsees 'Strong' 2001 Results
By Yi Ping Ho
Staff Reporter
1/8/01 9:29 AM ET
Global Crossing (GX:NYSE - news), today projected "strong" financial results for its fiscal year ending Dec. 31, 2001, helped by strong sales in the company's businesses.
The Bermuda-based Internet telephony and long-distance company said it expects its continuing operations to generate about $7.1 billion to $7.2 billion of cash revenue, and about $2 billion to $2.1 billion of adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, in 2001.
While Global Crossing did not provide any earnings-per-share figures, nine analysts polled by First Call/Thomson Financial expected a full-year loss of $2.94 a share in 2001, compared with an expected loss of $2.66 a share in 2000.
The company, which is building a worldwide fiber-optic communications network, said its current planned capital expenditures of about $10 billion for 2000 and 2001 is fully financed. It also said it expects to achieve 30% annual cash revenue growth and 35% to 40% annual adjusted EBITDA growth.
Consumer long distance generates about 3% of revenue and is expected to continue declining, the company said.
Shares of Global Crossing closed at $18.94 in trading on the New York Stock Exchange Friday. Recently in preopen trading they were up 56 cents, or 3%, to $19.50 on Instinet. |
