Dolby Laboratories Inc. (DLB), Tuesday reported a decline in profit for the first quarter, as revenues decreased and operating expenses were higher. Nevertheless, earnings for the quarter came in ahead of analysts' expectations, while revenues missed view.
First-quarter net income was $73.2 million or $0.67 per share, compared to $86.4 million or $0.76 per share in the first quarter last year.
Adjusted net income was $83.1 million or $0.76 per share, compared to $85.0 million or $0.75 per share in the first quarter last year. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude one-time items.
For the first quarter, Dolby generated total revenues of $233.4 million compared to $242.7 million in the first quarter last year. Analysts on a consensus estimated revenues of $234.41 million for the quarter.
Chief Executive Kevin Yeaman said, "In the first quarter, we grew licensing revenue year over year on the strength of our broadcast and mobile markets."
Operating expenses for the quarter rose to $111.7 million from $104.4 million last year.
Looking forward, Dolby continues to see fiscal year 2012 earnings in a range of $2.31 to $2.61 per share, and adjusted earnings of $2.71 to $3.02 per share. Analysts currently expect earnings of $2.51 per share.
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