Citing a strong appetite for its optical, wireless and high-speed Internet equipment,
reported Tuesday that second-quarter profits climbed 75%, topping analysts' estimates by 3 cents.
Brampton, Ontario-based Nortel reported that operating earnings rose to $561 million, or 18 cents a diluted share, up from $320 million, or 11 cents a share in the previous year. Analysts expected earnings of 15 cents a share, according to
First Call/Thomson Financial
The company, which is in
talks to sell its fiber-optics parts business to
in a deal that could be valued at more than $100 billion, said revenue increased 48% to $7.8 billion in the second quarter, up from $5.28 billion last year.
In a statement, John Roth, the president and chief executive of Nortel, highlighted the company's supply chain, saying, "it's a key execution engine driving our success in the rapid deployment of our high-performance Internet network solutions."
Including acquisition-related costs, one-time gains and charges, Nortel recorded a net loss of $745 million, or 26 cents a share, compared with a net loss of $258 million in the same period of 1999.
The results were announced right at the end of regular stock trading. Shares of Nortel closed Tuesday regular trading up 1 1/2, or 1.8%, to 83 1/2.