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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (43688)	3/13/2001 9:21:49 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

STMicro lowers Q1 forecast, reduces capital expenditures by $600 million for 2001 Semiconductor Business News (03/13/01 15:53 p.m. PST) GENEVA -- In response to the downturn in the semiconductor industry, STMicroelectronics Inc. here today (March 13) lowered its forecast in the quarter and slashed its capital expenditures by some $600 million for the year. As part of a major plan to cut costs, Geneva-based ST has reduced its capital expenditures from $2.5 billion to $1.9 billion for 2001. The company also implemented a hiring freeze, but no layoffs are planned for now. For the first quarter that ends March 31, ST also said that it will show a "double-digit" increase in terms of sales growth, compared to the $1.7 billion figure reported in the like period a year ago, but below the $2 billion level. Earnings per diluted share in the quarter are expected to be $0.39, which is in line with estimates from First Call/Thomson Financial. This represents a 50% increase over first quarter 2000 levels, but below the approximate $0.45 per share, as previously expected.