TORONTO-Nortel Networks Ltd. followed the pattern of major vendors in its fourth-quarter results by beating estimates with a net income of $499 million, or 11 cents per share, in contrast with a loss of $168 million, or 4 cents per share, in the same period a year ago.
The company’s largest sales occurred in its wireless business with $1.36 billion, amounting to $256 million above estimates, when compared to fourth-quarter 2002.
Its wireless division enjoyed a boost from UMTS contract wins in Europe.
Revenues rose to $2.83billion from $2.53 billion for the entire company for the quarter compared to fourth-quarter 2002. “With the challenges that we faced in 2003, the company had a tremendous year, truly marking a turning point for Nortel Networks,” said chief executive officer Frank Dunn.
