· BMW wird heute mit Brilliance China Automotive Holding einen Joint Venture über die Produktion von Luxus-Autos in China eingehen. Brilliance investiert 450 Mln ? in den 50:50 Joint Venture. Mittelfristiges Ziel ist die jährliche Produktion von 30.000 3er und 5er BMW. (Reuters)
Reuters UPDATE - UTStarcom raises Q3, full year forecast Wednesday October 1, 6:02 pm ET
(Adds details, share price update)
LOS ANGELES, Oct 1 (Reuters) - Network equipment maker UTStarcom Inc. (NasdaqNM:UTSI - News) on Wednesday said it has raised its forecast for revenue and earnings for the third quarter and full-year 2003 due to better-than-expected business in China.
The Alameda, California-based company, which makes equipment and phones for a fixed wireless network that hooks up to existing wired phones, saw its share price rise to $34.80 on the Instinet electronic trading system after the news, from $31.91 at the close of regular trading.
UTStarcom forecast third quarter earnings per share will be 44 cents to 45 cents, versus earlier targets of 42 cents to 43 cents, on revenue of $570 million to $580 million, compared with previous guidance of $495 million to $505 million.
Its expects full year net earnings per share of $1.59 to $1.60 per share on revenue between $1.93 billion and $1.94 billion.
This compares to earlier estimates for earnings per share of $1.55 to $1.56 on revenues of $1.8 billion to $1.82 billion.
The company now expects to ship 5 million handsets in the third quarter compared with its previous target of 4.5 million given last week.
Subscribers also will exceed previous forecasts and approach 16.5 million by the end of September and as a result handsets will represent 57 percent of its revenue in the third quarter versus 45 percent in the second quarter. Additional reporting by Sue Zeidler in Los Angeles)