Dolby Laboratories Q1 Profit Declines; Lifts FY14 Revenue Outlook

(RTTNews) - Dolby Laboratories, Inc. (DLB) reported first-quarter net income of $44.5 million, or $0.43 per share, compared to $51.3 million, or $0.50 per share, last year.

Adjusted net income was $60.6 million, or $0.59 per share, down from $66.4 million, or $0.64 per share in the prior year period.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.34 for the quarter. Analysts' estimates typically exclude special items.

Total revenue was $231.28 million, compared to $236.60 million, prior year. Analysts expected revenue of $212.08 million for the quarter.

Looking ahead to the second quarter, Dolby estimates earnings per share to be between $0.45 and $0.52 on a GAAP basis and $0.59 and $0.66 on a non-GAAP basis. Total revenue is expected to range from $240 million to $250 million. Analysts expect the company to report second-quarter profit per share of $0.57 on revenue of $251.04 million.

For fiscal 2014, the company raised its revenue to a range of $910 million to $940 million from its prior range of $900 million to $930 million. Analysts expect the company to report fiscal 2014 total revenue of $909.51 million.