SBC Communications Sees 2001 Earnings Growth Below Estimates
SBC Communications(SBC Quote) expects earnings per share growth for 2001 of 11% to 14%, slightly below Wall Street's expectations of 14.5% for the year.
The projection would translate to earnings of $2.52 to $2.59 a share for 2001, short of the $2.60 a share analysts expect. The company earned $2.15 in 1999, and Wall Street expects earnings of $2.27 this year.
The telecommunications company said the figures for 2001 reflect the slowing national economy, regulatory processes that have delayed long-distance offerings, service issues at its Ameritech unit and a late start in the installation of neighborhood broadband gateways. The company also reaffirmed its earnings forecast for the fourth quarter of 56 cents to 58 cents a share. Analysts are calling for earnings of 58 cents a share. The company earned 54 cents in the year-ago period. Shares of SBC dropped $7, or 13.1%, to $46.31 in recent New York Stock Exchange trading.
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