Nortel Posts Earnings That Meet Estimates, Sees 2001 Revenue at Low End of Estimates

Nortel Networks (NT Quote) met Wall Street's earnings expectations and slightly exceeded consensus revenue growth but confirmed investor concerns about the emerging slowdown in near-term growth for the networking sector.

The maker of networking gear said fourth-quarter earnings were 26 cents a share, inline with analysts' estimates according to First Call/Thompson Financial. Fourth-quarter revenue was $8.8 billion, up 34% over the $7 billion a year ago.

For the year, Nortel said net profits from operations were $2.31, or 74 cents per share, an increase of 42% over the 52 cents per share for 1999. Revenues for the year were up $9 billion, or 42% to $30.3 billion, over the $22.22 billion in sales in 1999. ...