ECI meets 3Q estimates
The maker of telecom networking equipment saw its share fall 0.38 to 23.5.
The company reported third quarter net income of $16.6 million, or 18 cent per share, excluding special charges, meeting First Call's consensus estimate. Year over year, this compares to $57.5 million or $0.61 per diluted share recorded in the same period last year.
Including the $2 million charge related to restructuring registered in the quarter, ECI earned $14.6 million, or 16 cents per share.
Revenue for the third quarter of 2000 was $327.2 million, an increase of 15 percent compared to $285.7 million recorded in the third quarter of 1999. ECI’s revenue from core businesses, including optical networking and transport, outpaced the growth rate of revenue overall.
During the quarter, ECI announced a major order from Deutsche Telecom and said it was trying to ramp up manufacturing to cope with significant backlog in its broadband access and optical networking businesses.