Lucent Technologies Inc. on Wednesday reported its fourth consecutive profit, one week after announcing a $5 billion contract with Verizon Wireless.
The telecommunications equipment maker reported third-quarter net income of $387 million, or 8 cents per diluted share, compared to a net loss of $254 million in the quarter a year ago. Lucent reported quarterly revenue of $2.19 billion, an increase of 11 percent from the period a year ago.
“This quarter, we announced 35 customer wins and trials, spanning 20 countries around the world,” Lucent Chairman and CEO Patricia Russo says. “We are seeing more progress in areas like VoIP, mobile high-speed data and broadband access, while tapping into new international markets.”
Last week, Lucent announced an agreement valued at $5 billion to supply Verizon Wireless network equipment, software and services, making Murray Hill, N.J.-based Lucent the No. 1 mobile operator’s primary equipment supplier.
During the first three quarters of the fiscal year, Lucent has reported combined net income of $793 million. It reported its second largest profit this fiscal year in the first quarter, generating net income of $338 million, or 7 cents per diluted share.
“We have consistently generated profitable results as the market has stabilized and expect to report a full year of profitability when we talk to you again in October,” says Lucent CFO Frank D’Amelio.
In the fourth quarter of the 2003 fiscal year ending Sept. 30, Lucent reported its first profit in about three years, generating net income of $99 million, following a depression in the telecommunications industry that wiped out an estimated $2 trillion in shareholder wealth.
