FONT-SIZE Plus   Neg

Dolby Lab Q1 Profit Down - Update

Dolby Laboratories Inc. (DLB) Tuesday reported a decline in profit for the first quarter, hurt mainly by higher expenses. Nevertheless, earnings and revenues for the quarter came in ahead of estimates.

Dolby, well known for its high-quality audio and surround sound technology, said revenues for the three-month period inched up to $236.6 million from to $234.2 million last year. Analysts estimated revenues of $220.98 million for the quarter.

Excluding special items, earnings for the quarter declined to $66.4 million or $0.64 per share from $83.1 million or $0.76 per share last year.

San Francisco, California-based Dolby's first-quarter profit dropped to $51.3 million or $0.50 per share from $73.2 million or $0.67 per share last year.

On average, eight analysts polled by Thomson Reuters expected earnings of $0.45 per share for the quarter.

Chief Executive Kevin Yeaman said, "We had a solid first quarter. More mobile devices than ever feature Dolby sound, and the rapidly growing number of movie titles in Dolby Atmos shows that the industry has embraced our new, more immersive cinema sound format."

Total operating costs rose to $144.0 million from $112.5 million last year.

Looking ahead to the second quarter, Dolby expects earnings of $0.53 to $0.60 per share, adjusted earnings of $0.68 to $0.75 per share, and revenues of $240 million to $250 million. Analysts currently expect earnings of $0.64 per share on revenues of $251.22 million for the second-quarter.

For full year 2013, Dolby anticipates revenues of $910 million to $950 million, compared to prior outlook of $900 million to $950 million. Analysts currently estimate revenues of $918.50 million for 2013.

DLB closed Tuesday's trading at $31.75, down $0.13 or 0.41%, on the NYSE. The stock gained $1.25 or 3.94% in after-hours trade.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Customers of Time Warner Cable in Midwest experienced outages that lasted around two hours on Monday evening, as Americans were busy making their last minute online purchases on Cyber Monday. In a very quiet move that would have gone unnoticed but for a scrutiny into the LinkedIn profile, Google has lapped up Robert Rose, former autopilot software engineering manager of Tesla, as part of the company's Google Robotics unit. International Business Machines Corp. (IBM) Monday predicted that Cyber Monday online sales would grow by more than 18 percent compared to 2014. Driven by a surge in mobile shopping, consumers indicate that Samsung, Sony and LG TVs as well as Apple Watch and Beats by Dre are at the top of their shopping...
comments powered by Disqus
Trade DLB now with 
Follow RTT