Reuters
UPDATE - UTStarcom raises Q3, full year forecast
Wednesday October 1, 6:02 pm ET
(Adds details, share price update)
LOS ANGELES, Oct 1 (Reuters) - Network equipment maker UTStarcom Inc.
(NasdaqNM:UTSI - News) on Wednesday said it has raised its forecast for
revenue and earnings for the third quarter and full-year 2003 due to
better-than-expected business in China.
The Alameda,
California-based
company, which makes
equipment and phones
for a fixed wireless
network that hooks up to
existing wired phones,
saw its share price rise to
$34.80 on the Instinet
electronic trading system
after the news, from
$31.91 at the close of
regular trading.
UTStarcom forecast third
quarter earnings per
share will be 44 cents to 45 cents, versus earlier targets of 42 cents to 43 cents,
on revenue of $570 million to $580 million, compared with previous guidance of
$495 million to $505 million.
Its expects full year net earnings per share of $1.59 to $1.60 per share on
revenue between $1.93 billion and $1.94 billion.
This compares to earlier estimates for earnings per share of $1.55 to $1.56 on
revenues of $1.8 billion to $1.82 billion.
The company now expects to ship 5 million handsets in the third quarter
compared with its previous target of 4.5 million given last week.
Subscribers also will exceed previous forecasts and approach 16.5 million by
the end of September and as a result handsets will represent 57 percent of its
revenue in the third quarter versus 45 percent in the second quarter. Additional
reporting by Sue Zeidler in Los Angeles)
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