A View on View :: Nortel: When a Profit is Not a Profit

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Nortel: When a Profit is Not a Profit

by Mark Evans on Thu 03 Aug 2006 07:45 AM EDT | Permanent Link

Nortel posted second-quarter earnings of $366-million this morning, or 8 cents a share (compared with analyst estimates of about 2 cents). Before investors get too excited and storm off to jump on the bandwagon again, the bottom line was nowhere as good as it appears. For one, profits were buoyed by a $510-million gain from shareholder litigation recovery. After accounting for charges related to restructuring and asset sales, Nortel lost about $89-million in the quarter, or about 2 cents a share. Another sign Nortel has yet to recover is a sharp decline in gross margins to 39% from 43%. However, Nortel remains confident the rest of the year will be more promising. CFO Peter Currie said the company exepcts strong sales momentum, high single-digit growth compared with 2005, gross margins of 40%, and operating expenses to be flat to slightly up.

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