Earnings Reports for Oct. 23

In addition to firing McGinn, Lucent needs to cut about 12,000 workers, or about 10 percent of its workforce, reduce its product-development times, and boost its manufacturing capacity, analysts said.

Lucent said it may cut some workers, but it declined to provide specifics. In an effort to stop the streak of profit shortfalls, Lucent is reviewing its product portfolio, realigning marketing and sales resources, improving supply chain management, and adding a new customer ordering system.

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3M’s Profits Rise on Solid Sales

Minnesota Mining and Manufacturing, the diversified manufacturer better known as 3M, said today its third-quarter net income climbed 8 percent, beating the average analyst forecast by a penny, helped by solid sales growth in Asia.

The maker of products ranging from Post-It Notes to telecommunications equipment also said it expects to meet earnings expectations for the fourth quarter and next year.

The St. Paul, Minnesota-based conglomerate said it earned $499 million, or $1.25 diluted per share, in the quarter ended Sept. 30, compared with $462 million, or $1.14 a diluted share, in the same period a year ago.

Analysts on average had expected 3M to earn $1.24 a share, according to First Call/Thomson Financial, which tracks earnings data.

“3M continues to deliver solid, top-line-driven earnings growth,” L.D. DeSimone, 3M chairman and chief executive, said in a statement.

Third-quarter net sales rose 6.4 percent to $4.25 billion.

The company said sales momentum was particularly strong in the Asia Pacific region, where it continues to expand its product offerings.

However, currency translation reduced global sales by 3 percent.

The company said its strong international presence, flow of new products and diversified portfolio helped to cushion it from disruptions in any single market or region.

“We’re confident in our ability to continue to deliver solid, consistent earnings growth,” DeSimone said.

The manufacturer’s range of products spans medical equipment, pharmaceuticals and electronics to such familiar consumer brands as Scotch tape and O-Cel-O sponges. BACK TO TOP

Corning More than Doubles Earnings

Fiber optics maker Corning said today its third-quarter profits more than doubled amid surging demand for optical fiber and components used in communications networks, and that it expects earnings to grow about 25 percent next year.

Corning’s third-quarter pro forma earnings rose to $317 million, or 35 cents a share, compared with $148.1 million, or 19 cents a share, a year ago.

Earlier this month Corning said it expected earnings in the range of 34-35 cents a share. Analysts had expected the company to earn 34 cents a share, according to research firm First Call/Thomson Financial.

Including one-time items, Corning’s net income totaled $254 million, or 28 cents a share, compared with $142 million, or 18 cents a share a year ago.

Revenues rose 54 percent to $1.9 billion, compared with $1.25 billion a year ago. Excluding the impact of acquisitions, sales increased 37 percent.

The Corning, N.Y.-based company said its solid third-quarter performance was driven by strong demand for high-data-rate optical fiber and cable, optical amplifiers, and flat-panel display glass. Sales of photonic technologies grew 113 percent, led by optical amplifier demand.

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