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Nortel stock hammered by contract cancellation
Nortel stock hammered by contract cancellation
By Leo Valiquette, InBusiness Media Network
Nortel Networks Corp. plunged to all-new record lows Thursday after a Spanish customer cancelled plans for a wireless network that would have pumped $750 million into Nortel's coffers over the next three years.
Spanish telecoms operator Telefonica SA canceled plans for a third generation, or 3G, European wireless network that would have spanned Germany, Italy, Austria and Switzerland. The company made the move to cut costs.
Nortel won the contract in March.
In Thursday's trading Nortel sank as far as $1.22 on the TSX, down 25 per cent from Wednesday's close. That put the value of the stock at less than one per cent of its record high reached in June 2000 of $124.50. The stock regained some ground to finish at $1.42, down 19.8 per cent, or 35 cents, from Wednesday's close.
In it's Q2 results, Nortel posted revenues of $2.77 billion and expects the same for Q3. the Q2 results were almost a five per cent decrease from the first quarter. A contract worth on average of $250 million a year works out to less than 2.5 per cent of annual revenues at current levels, but Nortel is banking on business in the wireless sector to drive future growth.
Nortel is betting on the transition by telecom service providers to the 3G standard for wireless communications and the circuit to packet conversion for wireline networks to offset weakness in the market for optical long-haul networks. Some industry watchers, such as UBS Warburg, consider Nortel's reliance on these areas to create higher risk for the company considering that many service providers are reluctant to put out the cash for such network upgrades. That concern seems borne out by Thursday's announcement.
The contract loss also follows after a raft of bad news for the Brampton, Ont.-based optical equipment maker.
In recent weeks Nortel battered stock has endured the S&P 500's decision to drop all non-U.S. stocks, the bankruptcy protection filing of customer WorldCom and its own dim revenue outlook provided in last week's Q2 earnings report.
Nortel stock hammered by contract cancellation
By Leo Valiquette, InBusiness Media Network
Nortel Networks Corp. plunged to all-new record lows Thursday after a Spanish customer cancelled plans for a wireless network that would have pumped $750 million into Nortel's coffers over the next three years.
Spanish telecoms operator Telefonica SA canceled plans for a third generation, or 3G, European wireless network that would have spanned Germany, Italy, Austria and Switzerland. The company made the move to cut costs.
Nortel won the contract in March.
In Thursday's trading Nortel sank as far as $1.22 on the TSX, down 25 per cent from Wednesday's close. That put the value of the stock at less than one per cent of its record high reached in June 2000 of $124.50. The stock regained some ground to finish at $1.42, down 19.8 per cent, or 35 cents, from Wednesday's close.
In it's Q2 results, Nortel posted revenues of $2.77 billion and expects the same for Q3. the Q2 results were almost a five per cent decrease from the first quarter. A contract worth on average of $250 million a year works out to less than 2.5 per cent of annual revenues at current levels, but Nortel is banking on business in the wireless sector to drive future growth.
Nortel is betting on the transition by telecom service providers to the 3G standard for wireless communications and the circuit to packet conversion for wireline networks to offset weakness in the market for optical long-haul networks. Some industry watchers, such as UBS Warburg, consider Nortel's reliance on these areas to create higher risk for the company considering that many service providers are reluctant to put out the cash for such network upgrades. That concern seems borne out by Thursday's announcement.
The contract loss also follows after a raft of bad news for the Brampton, Ont.-based optical equipment maker.
In recent weeks Nortel battered stock has endured the S&P 500's decision to drop all non-U.S. stocks, the bankruptcy protection filing of customer WorldCom and its own dim revenue outlook provided in last week's Q2 earnings report.
Alcatel posts Q2 loss, more cuts coming in 2003
Alcatel posts Q2 loss, more cuts coming in 2003
By Leo Valiquette, InBusiness Media Network
French telecom firm Alcatel posted an expected loss in its Q2 results released Thursday and warned that its prospects remain dim for the foreseeable future.
The telecom equipment maker posted a net loss of $1.43 billion, including all charges related to its recent restructuring efforts. That was a significant improvement from last year's Q2, in which it posted a net loss of $3.1 billion (all figures in U.S. dollars).
Excluding one-time charges, the company posted an operating loss of $175.6 million in the second quarter, compared with an operating profit of $134.9 million in the same period a year earlier.
In late June the company announced an additional round of job cuts aimed at reducing its global workforce by another 10,000 to 70,000. Prior to the announcement it had already cut its workforce by about 30,000. The latest cuts were meant to reduce its Q2 operating loss by another $100 million euros, a figure that was expected to result in a loss of about 240 million euros, or $237.6 million.
Revenues continued to fall, coming in at $4.21 billion, compared with $6.71 billion in the year-earlier period.
Alcatel said it "expects markets to stay depressed in the second half of 2002, with no sign of recovery in view."
In a conference call, CFO Jean-Pascal Beaufret said Alcatel will take additional restructuring steps in 2003, but declined to say how many more jobs would be lost in another round of restructuring.
The latest cuts have already had a significant impact on Alcatel Canada, the Canadian subsidiary created about two years ago when Alcatel purchased Ottawa's Newbridge Networks. The operation has since become a dominant player in the market for DSL technology. DSL, or digital subscriber line, delivers high-speed data and Internet services to the home over regular copper telephone lines.
Earlier in the month Alcatel Canada chopped 480 jobs, which represents 12 per cent of its national workforce.
Of the company's approximate 4,000 Canadian staff, 3,000 are at based out of the national headquarters located in Ottawa on March Road. About 300 of the cuts will occur there, thereby reducing the local workforce by about 10 per cent.
In June, Alcatel Canada closed its Gatineau plant, putting about 115 workers on the street. At one point the plant employed as many as 450, but in the past 18 months that figure fell to 150. Of the remaining staff, 35 were transferred to March Road.
Alcatel does not break out the quarterly figures for regional subsidiaries such as Alcatel Canada.
Alcatel posts Q2 loss, more cuts coming in 2003
By Leo Valiquette, InBusiness Media Network
French telecom firm Alcatel posted an expected loss in its Q2 results released Thursday and warned that its prospects remain dim for the foreseeable future.
The telecom equipment maker posted a net loss of $1.43 billion, including all charges related to its recent restructuring efforts. That was a significant improvement from last year's Q2, in which it posted a net loss of $3.1 billion (all figures in U.S. dollars).
Excluding one-time charges, the company posted an operating loss of $175.6 million in the second quarter, compared with an operating profit of $134.9 million in the same period a year earlier.
In late June the company announced an additional round of job cuts aimed at reducing its global workforce by another 10,000 to 70,000. Prior to the announcement it had already cut its workforce by about 30,000. The latest cuts were meant to reduce its Q2 operating loss by another $100 million euros, a figure that was expected to result in a loss of about 240 million euros, or $237.6 million.
Revenues continued to fall, coming in at $4.21 billion, compared with $6.71 billion in the year-earlier period.
Alcatel said it "expects markets to stay depressed in the second half of 2002, with no sign of recovery in view."
In a conference call, CFO Jean-Pascal Beaufret said Alcatel will take additional restructuring steps in 2003, but declined to say how many more jobs would be lost in another round of restructuring.
The latest cuts have already had a significant impact on Alcatel Canada, the Canadian subsidiary created about two years ago when Alcatel purchased Ottawa's Newbridge Networks. The operation has since become a dominant player in the market for DSL technology. DSL, or digital subscriber line, delivers high-speed data and Internet services to the home over regular copper telephone lines.
Earlier in the month Alcatel Canada chopped 480 jobs, which represents 12 per cent of its national workforce.
Of the company's approximate 4,000 Canadian staff, 3,000 are at based out of the national headquarters located in Ottawa on March Road. About 300 of the cuts will occur there, thereby reducing the local workforce by about 10 per cent.
In June, Alcatel Canada closed its Gatineau plant, putting about 115 workers on the street. At one point the plant employed as many as 450, but in the past 18 months that figure fell to 150. Of the remaining staff, 35 were transferred to March Road.
Alcatel does not break out the quarterly figures for regional subsidiaries such as Alcatel Canada.
JDS Uniphase: 400 more local jobs gone, cuts not over
JDS Uniphase: 400 more local jobs gone, cuts not over
By Leo Valiquette, InBusiness Media Network
Telecom equipment maker JDS Uniphase missed the consensus analyst estimate in its Q4 results Thursday, announced the departure of two key executives and said its latest cuts have cost another 400 Ottawa jobs.
The company posted a pro forma operating loss of $140 million, or 10 cents a share (all figures in U.S. dollars).
The pro forma loss figure includes $67 million in charges from JDS's global realignment, or restructuring, program. This amount was not included when JDS forecast in April a pro forma operating loss for the quarter of three to four cents. Analysts' estimates for the quarter also called for a pro forma loss of three cents.
Revenues hit the target range of $210 million to $230 million at $222 million. The Q4 result is 15 per cent short of the sales total for Q3. It is also far short of last year's Q4, when the company posted revenues of $601 million.
JDS, based in Ottawa and San Jose, Calif., forecast a further decline in revenue during the first quarter, giving a range of between $200 million and $210 million and a pro forma loss of six to eight cents per share, excluding charges under its restructuring program.
Thanks to that restructuring program, the company's workforce now stands at a little more than 9,000, down about 2,000 from the spring. The company started 2001 with 29,000 employees worldwide.
JDS's Ottawa workforce has been further reduced to 2,100 from the total of 2,500 reported in the spring. At one time JDS employeed 10,000 staff in Ottawa.
Chief executive Jozef Straus warned that further cuts will be necessary that will result in additional location closures and job losses. The company will attempt to cut costs by another $160 million a year. So far the global restructuring has saved the company $995 million a year.
Goulet said there are no specifics yet on how these additional cuts will impact the nation's capital.
The additional cuts will help the company reduce its proforma operating break-even point to between $260 million and $270 million in quarterly sales, down from its previous target of $300 million.
Including all charges and one-time items, JDS posted a net loss for the quarter of $997 million, or 73 cents per share, compared with a net loss of $12.4 billion, or $9.39 a share, in the year-earlier period. For the full fiscal year the loss totalled $8.7 billion.
During the conference call, Muller said the company is still well-positioned in terms of cash, with $1.45 billion in cash and short-term investments at the end of the quarter.
Joseph Wolf, an analyst who covers JDS Uniphase for UBS Warburg, said despite the current challenges, there is little doubt the company will still be around after the industry recovers, the question, however, is in what form.
"JDS will look drastically different five years from now, just as it looks today drastically different than it did five years ago.”
To survive the downturn, JDS and its peers must reconsider their opportunities on a daily basis, and the opportunity available today is not the same one that will exist tomorrow or 18 months from now, Wolf said. The challenge is to "balance short-term needs with the long-term perspective.”
Non-telecom sales up
Almost forty per cent of JDS revenues came from non-telecom related products, compared to about 28 per cent in the third quarter, driven by strong demand for display products such as televisions and projectors. The non-telecom business was profitable during the quarter and has helped support the company throughout much of the current industry downturn.
Straus said the non-telecom businesses will continue to be a key part of the company recovery going forward, though the level of demand for display products is expected to pull back in the first quarter. Non-telecom businesses also include components for medical and environmental instrumentation and the security market.
With dim forecasts on revenue growth, Wolf said all the company can do is contain costs, try to improve its margins and focus on those areas of its business outside the long-haul optical space that have better short-term potential, he said.
The company also announced the departure of COO Greg Dougherty to take care of an ailing family member, and the decision of CFO Tony Muller to retire when he turns 60 at the end of the current quarter.
Syrus Madavi, a former senior VP at Texas Instruments and chief executive of Burr-Brown Corp., will replace Dougherty.
JDS Uniphase: 400 more local jobs gone, cuts not over
By Leo Valiquette, InBusiness Media Network
Telecom equipment maker JDS Uniphase missed the consensus analyst estimate in its Q4 results Thursday, announced the departure of two key executives and said its latest cuts have cost another 400 Ottawa jobs.
The company posted a pro forma operating loss of $140 million, or 10 cents a share (all figures in U.S. dollars).
The pro forma loss figure includes $67 million in charges from JDS's global realignment, or restructuring, program. This amount was not included when JDS forecast in April a pro forma operating loss for the quarter of three to four cents. Analysts' estimates for the quarter also called for a pro forma loss of three cents.
Revenues hit the target range of $210 million to $230 million at $222 million. The Q4 result is 15 per cent short of the sales total for Q3. It is also far short of last year's Q4, when the company posted revenues of $601 million.
JDS, based in Ottawa and San Jose, Calif., forecast a further decline in revenue during the first quarter, giving a range of between $200 million and $210 million and a pro forma loss of six to eight cents per share, excluding charges under its restructuring program.
Thanks to that restructuring program, the company's workforce now stands at a little more than 9,000, down about 2,000 from the spring. The company started 2001 with 29,000 employees worldwide.
JDS's Ottawa workforce has been further reduced to 2,100 from the total of 2,500 reported in the spring. At one time JDS employeed 10,000 staff in Ottawa.
Chief executive Jozef Straus warned that further cuts will be necessary that will result in additional location closures and job losses. The company will attempt to cut costs by another $160 million a year. So far the global restructuring has saved the company $995 million a year.
Goulet said there are no specifics yet on how these additional cuts will impact the nation's capital.
The additional cuts will help the company reduce its proforma operating break-even point to between $260 million and $270 million in quarterly sales, down from its previous target of $300 million.
Including all charges and one-time items, JDS posted a net loss for the quarter of $997 million, or 73 cents per share, compared with a net loss of $12.4 billion, or $9.39 a share, in the year-earlier period. For the full fiscal year the loss totalled $8.7 billion.
During the conference call, Muller said the company is still well-positioned in terms of cash, with $1.45 billion in cash and short-term investments at the end of the quarter.
Joseph Wolf, an analyst who covers JDS Uniphase for UBS Warburg, said despite the current challenges, there is little doubt the company will still be around after the industry recovers, the question, however, is in what form.
"JDS will look drastically different five years from now, just as it looks today drastically different than it did five years ago.”
To survive the downturn, JDS and its peers must reconsider their opportunities on a daily basis, and the opportunity available today is not the same one that will exist tomorrow or 18 months from now, Wolf said. The challenge is to "balance short-term needs with the long-term perspective.”
Non-telecom sales up
Almost forty per cent of JDS revenues came from non-telecom related products, compared to about 28 per cent in the third quarter, driven by strong demand for display products such as televisions and projectors. The non-telecom business was profitable during the quarter and has helped support the company throughout much of the current industry downturn.
Straus said the non-telecom businesses will continue to be a key part of the company recovery going forward, though the level of demand for display products is expected to pull back in the first quarter. Non-telecom businesses also include components for medical and environmental instrumentation and the security market.
With dim forecasts on revenue growth, Wolf said all the company can do is contain costs, try to improve its margins and focus on those areas of its business outside the long-haul optical space that have better short-term potential, he said.
The company also announced the departure of COO Greg Dougherty to take care of an ailing family member, and the decision of CFO Tony Muller to retire when he turns 60 at the end of the current quarter.
Syrus Madavi, a former senior VP at Texas Instruments and chief executive of Burr-Brown Corp., will replace Dougherty.
Nortel stock will drop more for sure. There is no near term up opportunity. If you are long term investor, you can wait for the stock bottom up, probably six months to 1 year later. Unless you are day trader, you can gain from the current market.
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