Updated from 8:11 a.m. EDT
posted higher fourth-quarter earnings but offered quarterly guidance below Wall Street's expectations.
The Bermuda-based company reported fourth-quatter net income of $454 million, or 23 cents a share, vs. a loss of $297 million, or 15 cents a share, in the year-ago quarter. Income from continuing operations was 28 cents a share vs. a loss of 11 cents a share a year ago. Excluding items, including restructuring charges, the company earned 45 cents a share. The consensus estimate was for 43 cents a share, according to Thomson First Call.
Revenue grew 13% to $10.4 billion. Revenue at its electronics unit increased 15% to $3.08 billion.
During the quarter, the company completed its restructuring program announced in November 2003. The program resulted in the closure of 227 facilities and the loss of 8,100 jobs. The restructuring was completed ahead of schedule and is now expected to generate $285 million in annualized savings.
For 2005, the company expects EPS from continuing operations of $1.88 to $1.98 and first-quarter EPS from continuing operations of 40 cents to 42 cents. The consensus estimates are $1.96 and 46 cents, respectively.
Shares rose 40 cents, or 1.3%, to $31.55.