DTS Inc. beat Wall Street estimates on earnings and revenue in the fiscal first quarter.
The Calabasas audio technology developer on Monday reported fiscal first quarter adjusted earnings equal to 41 cents a shares. Analysts on average expected income of 36 cents a share, according to Thomson Financial Network
Adjusted net income was $7.2 million.
DTS’s net income was $537,000 (3 cents a share) in the quarter ended March 31, compared with net income of $1.1 million (6 cents) in the same period a year earlier. Revenue increased 33 percent to $45.2 million. Analysts were looking for revenue of $43.2 million
Chief Executive Jon Kirchner said the quarter’s performance was helped by further penetration in the mobile and automotive markets of DTS technology.
“Over the longer run, we believe we are strategically positioned to grow our footholds in the home, mobile device and automotive markets by building content support and selling the broadest suite of innovative end-to-end audio solutions,” Kirchner said in a prepared statement.
Shares closed down 25 cents, or just more than 1 percent, to $20.15 on the Nasdaq.