4/17/02 - Motorola's Q1 Loss Beats Analysts' Estimates
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SCHAUMBURG, ILLINOIS, Apr 16, 2002 (Newsbytes via COMTEX) -- Wireless giant Motorola [NYSE:MOT] today said it scored a net loss, excluding special items, of $174 million during the first quarter, a three-month period ending March 30.
The company's loss per share of 8 cents was 33 percent better than the estimate by analysts polled by FirstCall/Thomson FN, who predicted a loss of 12 cents per share.
Motorola had a net loss of $211 million, or 10 cents per share, in the first quarter of 2001.
Including all special items, the company today posted a net loss of $449 million, or 20 cents per share. Motorola said special items during the first quarter totaled $388 million pre-tax, or $275 million after-tax.
Like many handset manufacturers, Motorola is suffering from a slowdown in the telecom sector. Sales were down 20 percent year over year, from $7.5 billion in the first quarter last year to $6 billion in the recently completed quarter, the company said.
In January, when Motorola reported a net loss for the fourth quarter of 2001 of $1.24 billion, the company predicted it would post losses in the first two quarters of 2002 before recovering to finish in the black for the full year. |
