Avaya Quarter Falls Short

Shares fall in late action.
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Avaya (AV) blamed tight supplies for below-par fiscal second-quarter numbers.

The Basking Ridge, N.J., office-phone networking shop posted net income of $38 million, or 8 cents a share, for the quarter ended last month. Excluding a $20 million restructuring charge, Avaya's pro forma profit was 11 cents a share. Sales were $1.24 billion.

Those numbers compare with a 7-cent profit on $1.22 billion in revenue in the year-ago period. Analysts were looking for adjusted fiscal second-quarter earnings of 12 cents a share on sales of $1.26 billion.

"Product supply delays continued to constrain sales growth," CEO Don Peterson said in a press release Wednesday.

Avaya shares ended regular trading down a penny, and fell 22 cents to $10.90 in the after-hours session.