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Lucent's 4Q beats street
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October 21, 1997: 8:45 a.m. ET
Company's net income increases 44.7 percent to $369 million
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NEW YORK (CNNfn) - Communications equipment maker Lucent Technologies Tuesday reported fiscal fourth-quarter earnings of $369 million, or 57 cents a share, beating Wall Street expectations by 6 cents.
Those numbers represent a 44.7 percent increase over the same period a year ago, when Lucent reported net income of $255 million, or 40 cents a share.
Excluded from the earnings are special charges related to the acquisition of Octel Communications Corp. Including those charges, Lucent lost $597 million, or 92 cents a share.
Lucent's revenue for the year increased 13.2 percent to $26.3 billion while earnings increased 43 percent to $1.5 billion, or $2.34 a share. That compares with net income of $1.05 billion, or $1.65 a share, in 1996.
"This is a great finish to our first fiscal year as an independent company. We believe these results demonstrate the enormous growth opportunities in the communications industry and that our focus on the industry's fastest growing segments is paying off," said Richard McGinn, Lucent's president and chief executive officer.
Revenues in core categories rose 19.4 percent for the quarter. Those include increases of 17.8 percent for network operator systems, 21 percent for business communications systems, 23.9 percent for microelectronic products and 1.6 percent for consumer products.
--Cyrus Afzali
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Lucent Technologies
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