The thing that caught my eye in the TCM press release was the CEO saying this:
"Based on the results and the outlook for the remainder of the year, we are increasing our earnings guidance for fiscal 2001 from a range of 71 - 73 cents to a range of 82 - 84 cents per share."
The question is whether this is due to actual business conditions or a faster than anticipated build-out.
biz.yahoo.com
<<TyCom Reports Third Quarter Earnings of 23 Cents Per Share
Company Also Increases Full-Year Earnings Estimates for Fiscal 2001; Recognizes $35 Million in Capacity Sales on TyCom Global Network
PEMBROKE, Bermuda, July 18 /PRNewswire/ -- TyCom Ltd. (NYSE: TCM; BSX) today announced that net income for the third fiscal quarter ended June 30, 2001, was $118.1 million, compared to second quarter net income of $68.5 million and $88.7 million for the same period last year, an increase of 72 percent and 33 percent, respectively. Diluted earnings per share were 23 cents versus 13 cents for the second quarter and 20 cents for the same period last year. Earnings for the quarter were nine cents higher than the Company's previously announced guidance, with five cents of the increase attributed to operations and four cents to a reduction in the tax rate. EBITDA for the third quarter was $162.3 million, compared to $99.8 million in the second quarter and $170.0 million in the same period last year. Revenue for the quarter was $600.8 million, compared to second quarter revenue of $566.1 million and $676.4 million for the same period last year.
``TyCom's strong performance is demonstrated once again this quarter by our ability to light the first network segment ahead of schedule and generate capacity sales earlier than anticipated,'' said L. Dennis Kozlowski, Executive Chairman of TyCom and Chairman and CEO of Tyco International Ltd. ``Based on the results and the outlook for the remainder of the year, we are increasing our earnings guidance for fiscal 2001 from a range of 71 - 73 cents to a range of 82 - 84 cents per share. Throughout the quarter, we continued with the previously announced stock buyback program, utilizing $217.5 million of the authorized $500 million through June 30, 2001, acquiring more than 15 million shares.''
``We're pleased to be carrying commercial traffic on the transatlantic route of the TyCom Global Network, which went into service a month early,'' said Neil Garvey, President and CEO of TyCom. ``Our network buildout remains on or ahead of schedule in all parts of the world, and we've maintained our focus on bringing it in under budget.''
CONFERENCE CALL
The Company will discuss third quarter results and provide guidance for fiscal 2002 on a conference call for investors today at 10:30 a.m. EST. Interested parties may access the conference call live today, or by replay through July 27th, 2001, at www.tycomltd.com .>> |
