Wednesday, December 15, 2004
Nortel Networks reported a loss of 6 cents per share on sales of $2.3 billion in the third quarter and predicted lower sales for 2004 than in 2003 on Tuesday. The reports came in late due to accounting issues.
The Canadian telecommunications equipment maker said the earnings figure includes charges from a wireless contract in India, a charge from restructuring and a gain from asset transfers. Excluding these items, Nortel would have broken even per share, matching estimates from analysts surveyed by Thomson First Call.
The company said it expects fourth quarter revenue of $2.8 billion to $2.9 billion and 2004 revenue of $10.1 billion to $10.2 billion. Nortel said these results will come in below 2003 sales, after a restatement adds about $460 million to the year-end total.
By: DocMemory
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