Comparison of SDL's numbers with GLW's:
1) Q4 EPS: SDLI up 212% vs GLW 89% y/y
SDLI: revenues of $175.6 million and pro forma net income of $48.2 million, or $0.53 per diluted share, for the fourth quarter ended December 31, 2000. . . .
GLW: reported fourth-quarter pro forma earnings per share of $0.34, up 89% from $0.18 in the fourth-quarter of 1999 and exceeding the company’s guidance of $0.30. . . . Pro forma net income in the fourth quarter of 2000 totaled $314.6 million, more than double the $142.2 million in the fourth-quarter of 1999.
2) Q4 revenue: SDLI up 3X y/y vs GLW 2X and Q4 rev from fiber optics communications, SDLI up 265% y/y vs. GLW 100%
SDLI: fourth quarter revenue was triple that reported for the year earlier quarter ended December 31, 1999 and 20 percent higher than revenue in the third quarter of 2000. Revenue from fiber optic communications products increased 22 percent over the third quarter and by 265 percent over the prior year quarter, and represented a record 92 percent of total revenue
GLW: Fourth-quarter sales were $2.1 billion, an increase of 52% compared with 1999 fourth-quarter sales of $1.4 billion. Excluding the impact of acquisitions, sales increased 36% year-to-year. Sales of optical fiber remained strong, with demand for Corning LEAF optical fiber more than doubling over the same quarter last year. Sales in the Photonic Technologies business also more than doubled versus 1999, and grew 25% from the third-quarter to the fourth-quarter in 2000. Sales of flat-panel display glass grew 90% versus last year.
3) Calendar year revenues: SDLI up 170% y/y vs GLW 50%
SDLI: For the calendar year, total revenue was $504.8 million, up 170 percent over the $187.0 million accomplished in 1999. Sales of fiber optic communications products grew by a factor of 3.6, or 257 percent, and represented 89 percent of the year's total revenue compared to 67 percent in 1999.
GLW: Sales for the full-year totaled $7.1 billion, an increase of 50%, compared with $4.7 billion in 1999.
4) Calendar year EPS: SDLI up 321% y/y vs GLW 84%
SDLI: Pro forma net income in 2000 was $132.8 million, or $1.55 per diluted share, up 321 percent from the $31.6 million, or $0.46 per diluted share, earned in 1999.
GLW: Pro forma earnings per share for the full year was $1.23, an increase of 84% compared with $0.67 per share in 1999.
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The two companies differ in many regards, so a straight comparison isn't fair. I've done this simply to point out that one company giving cautious guidance doesn't mean the other will be impacted the same way.
Pat |
