Tellabs reports larger 1Q loss, lower revenue
NAPERVILLE, Ill.—Tellabs Inc. said Thursday that its first-quarter net loss widened, hurt by restructuring charges and lower revenue amid weaker demand for its communications equipment and services.
The company posted a net loss of $139.8 million, or 38 cents per share, in the January-March period, compared with a loss of $24.1 million, or 7 cents per share, in the same period a year earlier.
Revenue fell 20 percent to $257.9 million from $322.4 million. The company said the decline was consistent with broader industry trends.
Excluding special items such as restructuring charges, Tellabs recorded a loss of 4 cents per share in the latest quarter.
Analysts, on average, were expecting an adjusted loss of 3 cents per share on revenue of $277 billion, according to a poll by FactSet.
For the current quarter, Tellabs is forecasting revenue of $280 million to $305 million. Analysts are expecting $291.3 million.
"The first quarter of 2012 was tough, yet we made progress on advancing Tellabs' solutions and products," said Rob Pullen, Tellabs CEO and president. He added that the company is "encouraged by solid bookings" in the second quarter and expects to be profitable on an adjusted basis. Tellabs did not give a specific earnings forecast.
Shares of the Naperville, Ill.-based company slid 11 cents, or 2.7 percent, to $3.92 in late morning trading. In the past 52 weeks, the stock has traded between $3.67 and $4.99.