Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Dolby Lab Q1 Profit Down - Update

RELATED NEWS
Trade DLB now with 
1/29/2013 6:57 PM ET

Dolby Laboratories Inc. (DLB: Quote) 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.

Register
To receive FREE breaking news email alerts for Dolby Laboratories and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Justin Moore has been named Humanitarian of the Year by by the Armed Forces Foundation. Moore received the award alongside Big Machine Label Group President/CEO Scott Borchetta for their service and commitment to the morale and welfare of military families through the Crown Royal "Your Hero's Name Here" contest. International Business Machines Corp. said Wednesday after the markets closed that its first quarter profit fell 21% from last year, hurt by lower revenue as well as a hefty workforce rebalancing charge. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Stocks moved sharply higher over the course of the trading day on Wednesday, further offsetting the steep losses posted late last week. The markets benefited from a positive reaction to the latest earnings news as well as remarks by Federal Reserve Chairman Janet Yellen. The major averages saw further upside going into the close, ending the session at their best levels of the day.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.