Weak Q1, FY24 Guidance Dampens Dolby Laboratories' Q4 Earnings Beat

Dolby Laboratories DLB shares are trading lower in Thursday's after-hours session after the company reported its fourth-quarter financial results.

What To Know: Dolby Laboratories reported quarterly earnings of 65 cents per share, surpassing the analyst consensus estimate of 53 cents. The figure represents a 20.37% increase over earnings of 54 cents per share from the same period last year.

The company reported quarterly sales of $290.56 million, which topped the analyst consensus estimate of $290.20 million, a 4.44% increase over sales of $278.20 million the same period last year.

Cash flow from operations was $85.0 million in the fourth-quarter, compared to $51.3 million from the same period in 2022. Also, the company repurchased 0.3 million shares of its common stock and ended the quarter with approximately $212 million of stock repurchase authorization available in the future.

Dolby Laboratories estimates first-quarter earnings will be between 80 cents and 95 cents per share, versus the $1.08 estimate. The company sees Total Revenue in a range between $300 million and $330 million, versus the estimate of $353.67 million.

Full-year 2024 earnings are expected to be between $3.60 and $3.75 per share, versus the $3.77 estimate. Total Revenue is anticipated to be approximately $1.3 billion, versus the $1.36 billion estimate.

"We finished our fiscal year on a solid note," said Kevin Yeaman, President and CEO, Dolby Laboratories. "We remain confident in our opportunity to drive long term growth in TVs, Mobile, and Automotive as Dolby enabled content continues to proliferate and attract more consumers."

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DLB Price Action: Shares of DLB were down 2.57% at $85.49 in the after-hours session at the time of publication, according to Benzinga Pro. 

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