Avaya Hits Targets

Avaya ( AV) hit its financial targets while scoring a $577 million tax break in the fiscal fourth quarter.

The Basking Ridge, N.J., office phone networker made $660 million, or $1.36 a share, up from the year-ago $100 million, or 21 cents a share. Excluding a big tax benefit, latest-quarter earnings were 20 cents a share.

Sales in the quarter were $1.29 billion including revenue from new acquisitions. In the year-ago quarter, sales totaled $1.07 billion. Analysts were looking for a profit of 17 cents on revenue of $1.28 billion, according to a Reuters Research tally.

"We ended our fifth year as an independent company with a solid performance in the fourth quarter," said CEO Don Peterson in a press release.

Avaya shares closed down a dime at $11.54 in regular trading and rose 6% to $12.25 in the after-hours session.

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