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Alcatel-Lucent cuts full-year forecast

13 сентября 2007

Telecoms equipment maker Alcatel-Lucent cut its full-year revenue forecast on Thursday as it sees a change in capital spending among its wireless customers in North America.

Alcatel-Lucent said it now expects its 2007 revenue growth to be flat to slightly up, at constant exchange rates. It previously forecast that its revenue would grow in the mid single-digit percentages at constant rates.

The company also projected around a break-even third quarter.

Alcatel-Lucent was created last December by the takeover of US-based Lucent by France’s Alcatel, but the new group has been dogged by merger-related costs and uncertainty over product integration.

The latest cut to its revenue forecast comes after Alcatel Lucent issued a profit warning in January and then followed up with a sales warning in April.

Alcatel-Lucent said it was continuing to work on its integration plans and its target for synergy related pre-tax savings of €600m ($832m) this year.

”While the company acknowledges that it is competing in a challenging market environment and executing a complex merger, it remains confident that it has the right combination of people and assets to position the company as a leading player in the industry,” Patricia Russo, chief executive, said in a statement.

Alcatel-Lucent is the market leader for fixed-line network equipment and associated services, but lags Ericsson in wireless hardware.

Cut-throat competition from Ericsson and other rivals has forced Alcatel-Lucent to sell wireless network products at relatively low prices, putting pressure on margins.

Alcatel shares closed at €7.25 on Thursday. The stock has fallen by more than 30 per cent since the start of 2007 and fell at the end of last week amid rumours of a profit warning.

Source: http://www.reuters.com/

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