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
Stocks are seeing modest weakness in early trading on Wednesday after moving notably higher over the past several sessions. The major averages have all moved to the downside, although selling pressure has remained relatively subdued. New home sales in the U.S. unexpectedly showed a substantial decrease in the month of March, according to a report released by the Commerce Department on Wednesday, with sales falling to their lowest level in eight months. The report said new home sales plunged 14.5 percent to an annual rate of 384,000 in March from the revised February rate of 449,000. Euro area's government deficit shrunk last year to match the EU target, while public debt rose and remained above the official ceiling, figures from the Eurostat showed Wednesday. The shrunken government deficits suggest that euro area might be leaving behind the worst troubles of the financial crisis,...
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.