Avaya, which makes corporate communications networks, met analyst expectations for its first quarter and said it would more than double its earnings in 2001. Excluding expenses from its spinoff from Lucent, Basking Ridge, N.J.-based Avaya earned $51 million, or 16 cents a share, from continuing operations, matching analysts' estimates from First Call. Profits fell 23 percent. A year earlier, the company earned $67 million, or 24 cents a share. Revenue from the company's ongoing operations increased 3.4 percent to $1.78 billion compared with $1.73 billion in the year-ago quarter.
The company also reiterated its target of mid-single-digit revenue growth and said it expects to "more than double" its net income in 2001 as it realizes restructuring gains. First Call estimates for full-year fiscal 2001 earnings are for $1.27 a share in 2001 vs. 55 cents a share in 2000.