Lucent beats analyst forecasts, reports Q1 profit
- 22 January, 2004 07:34
Lucent Technologies Inc. reported a first-quarter profit Wednesday, supported by significant revenue from mobile services offered by the company.
Lucent reported a net income of US$338 million, or $0.07 per share, for the quarter, which ended Dec. 31. This compares to a net loss of US$264 million, or US$0.11 per share, a year ago. The profit exceeds analysts' expectations, as surveyed by Thomson First Call, of a net loss of US$0.01 per share.
The Murray Hill, New Jersey, company reported US$2.26 billion revenue for the quarter, up 9 percent from the US$2.08 billion revenue of the year-ago quarter.
As market spending increases, the company is poised to have revenue growth brought in next-generation networks products and services, said Chairman and Chief Executive Officer Patricia Russo in a statement. Based on this quarter's results, the company expects to report a profit for the year, excluding any one-time gains or losses.
Lucent's earnings for the quarter were strengthened by revenue of $960 million in mobile products and services, an increase of 32 percent compared to the year-ago quarter.
Contract announcements with Verizon Communications Inc. and Qwest Communications International Inc. made during the quarter also helped Lucent obtain a net income, along with strength in the voice over Internet protocol (VOIP) and metro optical fields.
Lucent remains focused on increasing its revenue sources by pursuing opportunities beyond the U.S., in the government division and in areas such as broadband access and VOIP, Russo said in the statement.