Nortel Networks last week reported third quarter revenue of $US5.4 billion, an increase of 30 per cent over the same period last year.
Excluding acquisition-related costs and one-time gains and charges, net earnings from operations increased 61 per cent over third quarter 1998, and stood at $380 million, or 28 cents per share, compared with figures of $236 million, or 21 cents per share, last year. Including those costs, Nortel's net earnings were $1 million, or less than 1 cent per share.
The company said that its Carrier segment saw revenue increase by 32 per cent over the same period in 1998, and that its Enterprise segment saw gains of 27 per cent.
The company's optical network and high-speed access product lines were said to have particularly strong increases in both the US and Europe, while its mobility systems gained in the US, Europe and Asia-Pacific regions.
In geographic terms, the company said that revenues from the US increased by 39 per cent over third quarter 1998, although revenue from Canada was down 3 per cent. Total revenue outside these countries was up by 24 per cent.
For the first nine months of its fiscal 1999 year, revenue was up 29 per cent to $15.22 billion, from $11.81 billion for the same period last year. Earnings, excluding acquisition-related costs and one-time gains and charges, stood at $970 million, or 72 cents per share, compared with $588 million, or 54 cents per share last year. Including these costs, the company recorded a net loss of $614 million, or 46 cents per share for the nine months.