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AOL Time Warner, AT&T, eBay post profits; Lucent records a loss
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April 23, 2003 (IDG News Service) -- AOL Time Warner Inc. returned to profit in the first quarter of this year, as revenue in its movie and TV business increased and restructuring measures took hold.
Net profit was $396 million for the quarter, which ended March 31, compared with a net loss of $54.2 billion for the same period a year ago, the company said this morning in a statement (download PDF).
Revenue increased 6% over the same period in 2002 to $10 billion, while operating income climbed 9% to $1.2 billion.
The company still faces a hefty debt load. New York-based AOL Time Warner's net debt rose from $25.8 billion at the end of 2002 to $26.3 billion in the first quarter. That net debt balance, according to the company, includes $2.1 billion of incremental borrowings upon the closing of its Time Warner Entertainment Co. restructuring transaction.
For 2003, AOL Time Warner expects revenue for the entire group to grow in the mid-single digits. In 2002, the company posted revenue of $41 billion. Growth in earnings before interest, taxes, depreciation and amortization is expected to be in the low to mid-single digits. Earnings were $8.7 billion last year.
Meanwhile, AT&T Corp. reported solid first-quarter earnings of $571 million, or 73 cents per share, after losing $975 million or $1.32 per share in the first quarter of 2002.
Weathering competition from wireless and Internet service providers as well as an overall decline in calling rates, the company reported income from continuing operations of $529 million, or 67 cents per share, for the first quarter of 2003.
Revenue for the first quarter, which ended March 31, was $9 billion, down from $9.5 billion in the same quarter a year ago, with declines coming in both the AT&T Business Services and AT&T Consumer Services business units.
Despite slipping revenue, the Basking Ridge, N.J., telecommunications company squarely beat analysts' expectations of 52 cents per share for continuing operations, according to Thomson Financial/First Call, a Boston-based investment research network.
Revenue declines were steepest in the AT&T Consumer Services group, which brought in $2.5 billion in the first quarter, compared with $3 billion in the year-ago quarter.
In a statement, AT&T attributed the decline to stiff price competition from other wireless and Internet service providers as well as low-priced calling plans. The company also said it would meet or exceed its previously stated estimates for revenue growth and income in 2003.
The tough economy is paying off for online auction company eBay Inc., which yesterday reported first-quarter net revenue of $476.5 million, up 49% from a year ago.
For the quarter ended March 30, San Jose-based eBay reported its highest consolidated net income ever: $104.2 million, or 32 cents per diluted share. The company's pro forma consolidated net income, excluding certain items, was a record $116.2 million, or 36 cents per diluted share.
Meg Whitman, the company's president and CEO, said she was pleased with the company's financial performance.
Reprinted with permission from
For more news from IDG visit IDG.netStory copyright 2006 International Data Group. All rights reserved.
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