JDS Uniphase Corp. Revenues Surge
JDS Uniphase Corp. the world's No. 1 supplier of fiberoptic components, said its second-quarter results edged above analyst expectations by 2 cents driven by ongoing strong demand.
JDS Uniphase reported pro forma net earnings excluding goodwill of $208 million, or 21 cents per share, compared with year-earlier earnings of $177 million, or 18 cents a share. The pro forma results include revenues from the E-Tek Dynamics Inc. acquisition in June 2000.
Revenues for the quarter surged 161 percent to $925 million over $354 million in the same period last year.
On average, 30 analysts polled by research firm First Call/Thomson Financial expected earnings of 19 cents per share, while the consensus revenue estimate from 12 analysts was $924 million.
The company also said it expects third-quarter pro forma earnings equal to or slightly better than the second quarter, with revenues between 7 percent and 10 percent above the second quarter.
BACK TO TOP
Lockheed Martin Beats Expectations
Lockheed Martin, the world's largest defense contractor, reported today sharply lower fourth-quarter profits but beat Wall Street forecasts as sales from its systems integration, space systems and aeronautics businesses increased.
Maryland-based Lockheed, maker of the F-16 fighter jet, also raised its growth estimate for 2001 earnings, targeting 25 percent to 30 percent improvement from 2000 levels, before unusual items. That is up from earlier guidance of 20 percent growth.
For the fourth quarter, Lockheed posted net earnings of $89 million, or 21 cents per share, down 70 percent from the $293 million, or 76 cents per share, a year earlier.
Excluding unusual and one-time items, operating income was 38 cents a share, vs. 59 cents in the same period of 1999. Analysts had expected operating earnings of 36 cents per share, according to First Call/Thomson Financial, which tracks estimates.
Net sales rose to $7.6 billion from $7.0 billion a year earlier. Sales would have increased by 10 percent but for the effects of acquisitions and divestitures, the company said.
Lockheed's fourth-quarter bottom line included the impact of the aerospace electronics systems divestiture, a debt tender offer and a charge associated with an investment.
"We are delighted with the accomplishments that Lockheed Martin achieved in 2000," Vance Coffman, chairman and chief executive, said in a prepared statement. "We exceeded all financial goals set for 2000, including achieving record orders and backlog, record free cash flow generation, substantial debt reduction, and the receipt of fair value for our divestitures."
For the full year, Lockheed posted a net loss of $1.29 per share vs. a profit of 99 cents in 1999. Excluding unusual items, the company earned $1.07 per share for 2000, compared with $1.50 in 1999.
The company generated free cash flow of $265 million in the fourth quarter and a record $1.8 billion for the full year. Lockheed said it expects to generate at least $800 million of free cash flow in 2001, and $1.8 billion for 2001 and 2002 combined.
Net debt fell by about $3.0 billion in 2000 and backlog at year-end totaled $56.4 billion, up from $45.9 billion a year earlier. Lockheed closed the year with $9.96 billion in total long-term debt, down from $11.48 billion a year earlier.