Nortel Networks Corp. (NYSE: NT) reassured investors Thursday that it will meet targets for the fourth quarter and fiscal 2000, as well as the first quarter and fiscal year of 2001.
Shares in the telecommunications equipment company were up 2.06 to 38.5, or 6 percent Thursday. The company originally gave guidance for 2000 and 2001 in November.
Revenue and earnings per share from operations in the fourth quarter will be in the range of $8.5 billion to $8.8 billion and 26 cents per share on a fully diluted basis, respectively. The company said it anticipates strong growth in its optical Internet business, with revenue topping $10 billion, up 125 percent year over year.
Nortel also said it expects percentage growth in revenue and earnings per share from operations in 2000 over 1999 will be in the low 40's.
Looking forward to 2001, Nortel sees overall market growth in excess of 20 percent, but said it expects to grow significantly faster than the market, with anticipated growth in revenues and earnings per share from operations in the 30 to 35 percent range.
For the first quarter of 2001, revenue and earnings per share from operations will be in the range of $8.1 billion to $8.3 billion and 16 cents a share on a fully diluted basis, respectively, the company said.