Shares of International DisplayWorks (IDWK) were among technology's winners Tuesday, climbing 16% after the maker of liquid crystal display products posted better-than-expected first-quarter results.
The company earned $1.4 million, or 4 cents a share, on sales of $23.5 million. Excluding items, the company earned $785,000, or 2 cents a share. Analysts polled by Thomson First Call expected earnings of 1 cent a share on sales of $22.5 million. During the year-earlier quarter, the company earned $1 million, or 3 cents a share, on sales of $18.1 million. Looking ahead, International DisplayWorks sees second-quarter sales of $24 million to $30 million. Analysts project second-quarter earnings of 4 cents a share and sales of $30.1 million.
The company also announced the hiring of Joe Bedewi as chief financial officer. Bedewi, who previously served as financial controller at Intel (INTC - Get Report), replaces Jeff Winzeler, who moved to the role of chief operating officer in December. Shares were trading up 96 cents to $6.83.
Despite posting better-than-expected fourth-quarter results, Sonus Networks (SONS - Get Report) saw its shares drop 8%. The maker of advanced phone switches earned $5 million, or 2 cents a share, on revenue of $57.3 million. Analysts expected earnings of 1 cent a share and revenue of $50.1 million. A year earlier, the company earned $6.3 million, or 2 cents a share, on revenue of $45.1 million. "2005 was a strong year for Sonus, culminating with robust revenue, order, and shipments growth in the fourth quarter," the company said. Shares, which have climbed about 33% since the beginning of the year, recently were down 45 cents to $4.97.Shares of Western Digital (WDC - Get Report) rose modestly after the hard-drive maker reiterated its third-quarter earnings and sales guidance. The company continues to expect earnings of 36 cents to 40 cents a share for the quarter ending March 31, bracketing analysts' mean estimate of 38 cents. The company predicts sales of $1.03 billion to $1.08 billion, while Wall Street anticipates sales of $1.06 billion. Gross margin is still expected to be about 19%. "The company's non-desktop business and associated new product momentum continues, helping to partially offset the March quarter seasonal patterns," the company said in a regulatory filing with the Securities and Exchange Commission. Shares were trading up 8 cents to $19.11.