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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (4567)	1/28/2000 6:16:00 PM
From: Kenneth E. Phillipps	Respond to of 14638

riday January 28 2:37 PM ET Nortel Sees Latin Sales Growth Besting Parent's By Michael Connor MIAMI (Reuters) - Nortel Networks Corp. is riding an Internet spending wave in Latin America and expects sales in the region in 2000 to outpace a 20 to 21 percent growth target the high-performing Canadian telecoms giant has set for itself. Latin America accounts for 8 to 10 percent of Nortel's (Toronto:NT.TO - news) revenues, which were $22.22 billion in 1999, and is benefiting from privatization and heavy investment in telecoms systems, according to Martha Bejar, vice president for Latin America. ``We are going a little better than 21 percent,' she said in an interview. ``We'll be at that 21 percent, or higher.' Profitability in Latin America, where Nortel (NYSE:NT - news) employs some 4,000 people, was comparable with that of the parent, she said. She declined to detail profits in the region. Based in Brampton, Ont., and one of the world's biggest telecoms-equipment vendors, Nortel posted a 62 percent rise in profits from operations in 1999 to $1.73 billion. Its products go into data and broadband networks, as well as wireless and wireline systems. Competitors include Lucent Technologies Inc. (NYSE:LU - news) and Cisco Systems Inc. (NasdaqNM:CSCO - news). Bejar said Nortel had won $2 billion worth of contracts in Latin America last year, including a $500 million pact with Vesper in Brazil. The hottest areas included high-capacity optical networks, which can transport big volumes of data, voice and video signals, and providing Internet access. ``The contracts have been Internet-centric,' Bejar said. Nortel expects Internet users in Latin America to grow to 30 million by 2003, up from an estimated 5 million last year. Business for Nortel was especially strong in Brazil and Mexico, she said. Nortel, whose American Depositary Receipts were down 5-3/16 to 92-5/16, on Tuesday reported better-than-expected fourth-quarter results. Chief executive John Roth said Nortel was standing by its forecasts of 20 to 21 percent revenue growth this year.