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October 21, 1997updated 03 Sep 2016 9:18pm

NORTEL POSTS EXPECTED Q3 GROWTH LED BY WIRELESS REVENUE

By CBR Staff Writer

Northern Telecom Ltd reported third-quarter results which were in line with analysts’ and its own expectations. Net income rose 39.8% to $158m – or $0.59 per share – on revenue up 14.6% at $3.5bn. The Canadian telecommunications equipment supplier saw solid revenue growth in all of its traditionally strong geographic areas and a small rise in Asia/Pacific revenue. Wireless networks revenue led the charge, with 70% growth ($2.36bn), while the broadband networks business recorded a 32% rise ($2.22bn). Public carrier networks grew 20% ($2.83bn), but enterprise networks were troubled again and declined by 1% from the year-ago quarter to $2.93bn. Nine-month net increased 44.4% to $439m – or $1.63 per share – on revenue up 23% at $10.64bn. Nine-month results include $95m in one-time charges and a $102m one-time pre-tax gain of $102m from the sale of both its TTS Meridian Systems Inc and Nortel Communications Systems Inc US distribution businesses to WilTel Communications earlier this year.

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