TORONTO-Northern Telecom Ltd. reported a 37-percent increase in net earnings to $153 million, or 59 cents per share, compared with $112 million, or 43 cents per share, reported last year in its third quarter financial results.
The Canadian company pointed to its increased order input of $3.45 billion for the quarter, compared with $3.09 billion during the same period last year, as reflective of year-over-year gains in all lines of business and a major factor in its increased net earnings.
“Our financial performance in the third quarter was in line with our expectations, and reflected continuing growth across all lines of business and all geographic areas,” said John Roth, president and chief executive officer, giving specific praise to the company’s recent contracts in Europe and Brazil.
Product lines deserving of praise include the company’s Wireless and Broadband networks, Nortel said, while Enterprise Networks revenues decreased mainly due to the impact of the disposition of the TTS Meridian System Inc. and Nortel Communications System Inc. distribution businesses. Once these factors were adjusted, however, Enterprise Networks revenues increased in the third quarter.
“The strengths that each of our four lines of business has demonstrated in their markets have made Nortel a more balanced company than just a few years ago, and has positioned us well to provide total solutions to a variety of customers in a rapidly growing industry,” said Roth.
