Lucent Posts First Profitable Year Since 2000

The Murray Hill, N.J.-based company had net income of $348 million, or 7 cents a share, for the three months ended Sept. 30, compared with earnings of $7 million, or 2 cents a share, after payment of preferred dividends a year ago.

The impact of several one-time items, including financing recoveries and charges related to the Telica acquisition, added a total of 3 cents a share to the results. Excluding those items, Lucent's results matched the 4 cents a share anticipated by analysts surveyed by Thomson First Call.

Revenue for the July-September quarter was $2.4 billion, up 19 percent from the $2.03 billion recorded in the year-ago period.

The results, announced Wednesday, marked Lucent's fifth consecutive profitable quarter -- following 13 quarters of losses -- and completed the company's fiscal year.

Sponsored post

For the year, Lucent had net income of $1.15 billion, or 25 cents a share, after payment of preferred dividends, compared with a net loss of $1.16 billion, or 29 cents a share, after such required payments in 2003.

The company had annual revenue of $9.05 billion, up 7 percent from to 2003 revenues of $8.47 billion.

Copyright © 2004 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.