85.7 F
San Fernando
Friday, Mar 29, 2024
Array

DTS Tanks on Earnings Guidance

Shares of DTS Inc. fell more than 12 percent Friday after the audio technology company reported a better-than-expected second quarter, but was cautious in its guidance due to likely lower spending by consumers on electronics. After the markets closed Thursday, the Calabasas licenser of “surround sound” technology reported a net loss of $2.1 million (-11 cents a share), compared with a loss of $755,000 in the same period a year earlier. Revenue rose 25 percent to $27.2 million. Adjusted for one-time items, profit was 11 cents a share, compared with the Wall Street consensus of 4 cents a share on revenue of 26.4 million. “DTS delivered attractive revenue growth in the second quarter in line with our expectations,” said Chief Executive Jon Kirchner in a statement. “As we enter the important autumn and holiday season, we are closely monitoring (consumer electronics) market headwinds and the timing of certain … product rollouts.” The company expects full-year adjusted profit of 98 cents to $1.12 a share on revenue of $130 million to $136 million. Shares lost $2.98, or 12.7 percent, to close at $20.51 on the Nasdaq.

Featured Articles

Related Articles