ECI meets 3Q estimates

ECI Telecom Ltd. (Nasdaq: ECIL) met analyst estimates Tuesday posting 15 percent revenue growth compared to the same period last year.

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.