At least something related to
( LU) has good news.
, the company spun-off from telecom equipment company Lucent, reported first-quarter earnings that were in line with analysts' expectations. It also projected it would more than double its bottom-line in 2001.
The Basking Ridge, N.J., communications systems and software provider earned $51 million, or 16 cents a share, excluding expenses from its spin-off from Lucent. That compares to $67 million, or 24 cents a share, from the same period last year. According to a poll of analysts by
First Call/Thomson Financial
, three analysts expected Avaya to earn 16 cents a share for the quarter.
Revenue for the quarter grew 3.4% to $1.79 billion from $1.73 billion a year ago.
Avaya also affirmed its target of mid-single digit revenue growth and said it expects to "more than double" its net income in 2001. Analysts, on average, are calling for full-year earnings of $1.27 a share in 2001, compared with 55 cents a share in 2000.
Shares of the company closed at $16.99 in Tuesday trading on the