Briefcase

Lucent’s profits continue to climb in first quarter

Telecommunications gear maker Lucent Technologies reported a profit of $338 million for its first quarter as it held down costs, boosted revenues and nearly doubled its profit margin.

The Murray Hill, N.J.-based company on Wednesday reported its second straight profitable quarter after 13 losing quarters during the worst of the telecom industry slump.

The profit for the October-December quarter equaled 7 cents per share. Excluding one-time items, net income was $156 million, or 3 cents per share.

Courts

Former accountant targeted in Enron probe

Enron Corp.’s former top accountant is expected to surrender early today to federal authorities on charges related to the disgraced energy giant’s 2001 collapse, sources told The Associated Press.

Richard A. Causey, 44, had been expected to surrender and appear in federal court in Houston two weeks ago on charges stemming from the Justice Department’s two-year Enron investigation, two sources close to the investigation said Wednesday.

But Causey’s case was delayed when a plea bargain package for former Enron finance chief Andrew Fastow and his wife, Lea, hit a snag.

Last week, the Fastows pleaded guilty in their separate cases.

Wall Street

Online broker reports boost in Internet trading

Online broker E-Trade Financial Corp.’s fourth-quarter profit more than tripled as waves of once-apprehensive investors continued to wade back into the resurgent stock market.

The New York-based company said Wednesday that it earned $107.5 million, or 27 cents per share, during the last three months of 2003. That compared with net income of $30.4 million, or 8 cents per share, at the same time in 2002. Revenue for the quarter totaled $382.7 million, a 10 percent increase from the past year.