ALAMEDA, Calif.-UTStarcom Inc., which provides wireless and wireline access and Internet Protocol switching solutions, released positive second quarter earnings this week and raised its guidance for the remainder of 2003.
The company reported net sales of $405.8 million, a 75-percent increase from the second quarter of 2002, and a net income of $39.4 million, or 33 cents per share, up 53 percent from the year-ago quarter.
“I am extremely satisfied to report to our shareholders that once again we have achieved record revenues and earnings, marking 14 consecutive quarters of profitability,” said Hong Lu, chief executive officer of UTStarcom. “We continue to make significant progress toward our goal of becoming a key global telecommunications equipment provider. We are the worldwide market leader in several important product categories, business is strong in Japan and India, and we recently announced our first sale in Western Europe.”
With the positive earnings, the company raised its guidance for the rest of 2003 and now expects third-quarter revenue to be between $495 million and $505 million and earnings per share to reach 42 cents to 43 cents. UTStarcom expects full-year 2003 revenue to be between $1.8 billion and $1.82 billion, with earnings per share between $1.55 and $1.56, compared with previous guidance between $1.65 billion and $1.7 billion, with earnings per share between $1.50 and $1.51.
