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Ben on Alcatel-Lucent results
Thursday October 30th 2008. Posted: 13:47
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Ben says he’s delighted to have joined Alcatel-Lucent
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French-US telecoms company Alcatel-Lucent has good cash flow - but “unsatisfactory” profitability, according to new chief executive Ben Verwaayen.
BT’s former head was commenting today (Thursday) as Alcatel-Lucent announced its 2008 third quarter results. The company said the quarter saw its revenue fall 6.6 per cent year-on-year and 0.9 per cent sequentially to €4.065 billion (£3.209 billion). It has reported a gross profit of €1.319 billion (£1.043 billion). “First, let me state that we are in good shape from a cash standpoint,” said Ben. “We achieved a positive cash flow from operating activities this quarter through the reduction of our operating working capital requirements. “Second, we met our revenue guidance in a more challenging macroeconomic environment. “Having said that, our profitability remains unsatisfactory. The gross margin came in at the lower end of our expectations in the third quarter, reflecting an adverse shift in both our product and geographic mixes.” He went on to say he would be outlining a set of actions that needed to be taken - but that the company had good growth potential. “I am delighted to have joined Alcatel-Lucent - a company which has the talent, technologies and customer base to grow profitably in its market,” he said.
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Last updated:
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