Tellabs ( TLAB) rose 7% early Wednesday after the telecom-gear maker swung to a profit in its first quarter. For the quarter ended April 2, the Naperville, Ill., company earned $13 million, or 3 cents a share, reversing the year-ago loss of $43 million, or a dime a share. Sales rose 19% to $263 million. Excluding restructuring charges, Tellabs' non-GAAP earnings were $20 million, or 5 cents a share. Analysts surveyed by Thomson First Call had forecast a break-even quarter on $252 million in revenue. "Tellabs is off to a good start in 2004, achieving our first profitable quarter in two years," said CEO Krish Prabhu. "Looking forward, we see continued strength in our core products while making significant progress with our broadband data products, with nearly 30 customer trials in the works worldwide." Tellabs shares rose 87 cents Wednesday to $9.52.