Alcatel-Lucent (ALU) Reports Q4 EPS of $0.08; Updates on U.S. Pension Plan Initiative

Alcatel-Lucent (NYSE: ALU) reported Q4 EPS of $0.08, versus $0.05 reported last year. Revenue for the quarter came in at $3.68 billion, versus $3.76 billion reported last year.

• In addition to the previously announced intent to offer to retirees of the US Management Pension Plan who are receiving monthly pension benefit payments the opportunity to elect to convert those payments into a single, lump sum payment, the Group announces today that it is now in a position to extend this one-time offer to about 32,000 retirees and former employees and related beneficiaries of the US Inactive Occupational Pension Plan. The offer, which will run concurrently with the previously announced offer, is expected to be formally communicated to eligible individuals later this year. Payments to eligible participants and beneficiaries who elect to participate in both offers would occur in the fourth quarter of 2015 and constitute a complete settlement of our pension liabilities with respect to them. Payments are expected to be made from existing US plan assets and we do not expect to make any contributions to US plan assets in connection with either offer.
• At December 31, 2014, the Group’s overall Pensions and OPEB exposure indicated a deficit of Euro (1,350) million compared to a surplus of Euro 546 million at December 31, 2013. This change primarily reflects an IFRS update to our assumptions based on new mortality rates issued in the US at the end of 2014. From an ERISA standpoint, which determines funding requirements in the US, the US pension funds remain in a sizeable surplus positive and we do not expect to make any additional contributions to these plan assets for the foreseeable future.

For earnings history and earnings-related data on Alcatel-Lucent (ALU) click here.

You May Also Be Interested In

• SAP Q1 results fall short of Wall Street estimates as transformation kicks off
• Bv Financial, Inc. (BVFL) Tops Q1 EPS by 24c
• First Bank (FRBA) Tops Q1 EPS by 7c