Calix Inc CALX reported a first-quarter FY24 sales decline of 9.5% year-on-year to $226.31 million, missing the analyst consensus estimate of $228.139 million.
Gross margin for the quarter expanded 300 basis points to 54.2% and the gross profit dropped 4.3% to $122.6 million.
Total operating expenses increased 5.5% to $124.6 million. Operating loss totaled $(2) million compared to an operating income of $9.9 million.
Adjusted EPS of $0.21 beat the consensus estimate of $0.20.
Calix held $239.5 million in cash and equivalents as of March 30, 2024. Operating cash flow for the quarter totaled $14.7 million.
Outlook: Calix sees second-quarter revenue of $197 million – $203 million (consensus $232.76 million) and gross margin of 53.55% – 55.55%.
Calix expects second-quarter adjusted EPS of $0.03 – $0.09 versus an estimate of $0.24.
Price Action: CALX shares traded lower by 18.44% at $24.11 premarket Tuesday.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
