ESS Tech earnings beat Street on strong DVD sales
FREMONT, Calif., April 24 (Reuters) - ESS Technology Inc. (NasdaqNM:ESST - news), which makes microchips for DVD players, reported stronger-than-expected first quarter earnings on Wednesday as DVD player demand continued to exceed forecasts and it expanded its market share.
ESS reported net income of $16.4 million, or 34 cents per diluted share, compared with a loss of $20.7 million or 49 cents per share, including discontinued operations, in the year-earlier quarter, ended March 31.
Revenue rose to $79.1 million, and bucked usual seasonal slowness, from $50.8 million in the quarter a year earlier.
Analysts polled by Thomson Financial/First Call had forecast earnings in a range of 26 cents to 28 cents per share.
The company raised second-quarter guidance to revenues of $76 million to $79 million, from its previous forecast of $66 million to $70 million, and projected net earnings per share of 24 cents to 28 cents. |
