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Alcatel 3Q profit triples
Net income jumps to $250 million on Newbridge acquisition, strong sales
October 31, 2000: 4:10 a.m. ET
LONDON (CNNfn) - French telecom equipment maker Alcatel SA said Tuesday third-quarter profit more than tripled, beating expectations, following the acquisition of Canadian telecom switching company Newbridge Networks and strong sales of optical components used to speed up Internet traffic over cable lines.
Europe's No. 2 telecom equipment maker said third-quarter net income jumped to 297 million ($250 million), or 0.25 a share, from 83 million, or 0.09 a share, a year ago. Revenue jumped 50 percent to 7.9 billion.
The third-quarter performance is "underlined by further strong advances in data and optical networking sales, which together combined for an 88 percent increase," Chief Executive Serge Tchuruk said in a statement. He added that Alcatel is expecting revenue in 2001 to grow faster than the market, "with early indications showing growth in our telecom business of at least 25 percent."
Alcatel Optronics, in which Alcatel issued tracking shares earlier this month, said in a statement it expected 2000 sales to more than double and operating profits to more than triple from 1999.
"The figures are better than expected and the outlook is extremely positive -- that's what people were looking at," said BNP Equities analyst Francois Travaille, who was maintaining his "buy" rating for Alcatel with a price target of 100.
Shares in Alcatel (PCGE) jumped 2.8, or 3.9 percent, to 73.80 in early trade in Paris.
Alcatel 3Q profit triples
Net income jumps to $250 million on Newbridge acquisition, strong sales
October 31, 2000: 4:10 a.m. ET
LONDON (CNNfn) - French telecom equipment maker Alcatel SA said Tuesday third-quarter profit more than tripled, beating expectations, following the acquisition of Canadian telecom switching company Newbridge Networks and strong sales of optical components used to speed up Internet traffic over cable lines.
Europe's No. 2 telecom equipment maker said third-quarter net income jumped to 297 million ($250 million), or 0.25 a share, from 83 million, or 0.09 a share, a year ago. Revenue jumped 50 percent to 7.9 billion.
The third-quarter performance is "underlined by further strong advances in data and optical networking sales, which together combined for an 88 percent increase," Chief Executive Serge Tchuruk said in a statement. He added that Alcatel is expecting revenue in 2001 to grow faster than the market, "with early indications showing growth in our telecom business of at least 25 percent."
Alcatel Optronics, in which Alcatel issued tracking shares earlier this month, said in a statement it expected 2000 sales to more than double and operating profits to more than triple from 1999.
"The figures are better than expected and the outlook is extremely positive -- that's what people were looking at," said BNP Equities analyst Francois Travaille, who was maintaining his "buy" rating for Alcatel with a price target of 100.
Shares in Alcatel (PCGE) jumped 2.8, or 3.9 percent, to 73.80 in early trade in Paris.
