Lucent Reports Q3, Confirms Spin-Off

Company warns growth will slow, confirms spin-off of Microelectronics division

July 20, 2000

1 Min Read

Lucent Technologies (NYSE: LU) today said that pro forma earnings per share from continuing operations rose 30 percent to 30 cents a share, or $1.007 billion, for its third fiscal quarter ended June 30, 2000. This compares with 23 cents a share, or $732 million, in the year-ago quarter. Pro forma revenues from continuing operations increased 20 percent to $8.713 billion versus $7.245 billion a year ago.

In a separate news release, the company announced plans to spin off its $4 billion microelectronics business, which includes the optoelectronics components and integrated circuits (IC) divisions. The company is planning an IPO for up to 20 percent of the new company in the first calendar quarter of 2001, with the remaining shares expected to be spun off in a tax-free distribution by next summer.

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