Financial focus

28 Apr 2005

The latest financial results from Corning, JDS Uniphase, Lucent and more.

•  Corning has announced first quarter sales of $1.05 billion, up 2% on sales of $1.033 billion in the previous quarter and an increase of 24% over last year's first quarter sales of $844 million. A strong performance by the company's display technologies division contributed to this rise. Net income for the displays business increased to $161 million compared with $151 million in the previous quarter. "We believe that in the second quarter our panel customers will continue to ramp up capacity at their Gen 6 and Gen 7 plants in anticipation of increasing LCD television demand," said Wendell Weeks, Corning's president.

•  Lucent Technologies has reported a net income of $282 million for its second quarter of fiscal 2005. This compares with a net income of $174 million for the previous quarter and $68 million for the second quarter of fiscal 2004. Revenues for the second quarter were flat sequentially at $2.34 billion but up 6% year-on-year. "We continue to expect Lucent's annual revenues for fiscal 2005 to increase on a percentage basis in the mid-single digits," said Lucent's chief financial officer Frank D'Amelio.

•  Sales at the Jenoptik group rose by 31.3% to EURO 2.52 billion in 2004. The group also managed to reduce its net debt for the year by EURO 133.6 million to EURO 238.8 million. Annual sales at Jenoptik's photonics division rose by 27.3% to EURO 359.8 million with earnings reaching a record level of EURO 34.5 million. The order intake for the photonics division also reached an all-time high of EURO 418.6 million for 2004 compared with EURO 328.1 million in 2003.

•  FLIR has announced first quarter net earnings of $14.7 million, an increase of 16% year-on-year. Revenue for the quarter was flat at $108.3 million compared with the first quarter of 2004. Year-on-year revenues from FLIR's thermography division increased 18% while revenue from its imaging division fell 9%. FLIR says the slow order placement by the US government and delays in receiving export licenses contributed to the decrease.

•  JDS Uniphase has reported net revenue of $166.3 million and net loss of $38.6 million for the third quarter ending March 31, 2005. This compares with a second quarter net revenue of $180.5 million and net loss of $41.0 million. The company has recently announced the consolidation of its North American manufacturing operation and divestiture of its Fuzhou facility in China. "Quarterly revenue results were at the high end of expectations, while initiatives to streamline our cost structure picked up momentum," said JDSU's CEO Kevin Kennedy.