Agere Changes CEO

Agere ( AGR) posted a fourth-quarter profit, trimmed first-quarter guidance and named a new CEO.

The Allentown, Pa., tech gearmaker named Richard Clemmer chief executive, replacing John Dickson, who will retire. Agere also said it would buy back up to $200 million of its own stock.

For the quarter ended Sept. 30, Agere made $7 million, or 4 cents a share, reversing the year-ago loss of $127 million, or 74 cents a share. Revenue fell to $416 million from $439 million a year earlier. On a pro forma basis, excluding certain costs, latest-quarter earnings were 21 cents a share. Analysts were looking for a dime-a-share profit on sales of $433 million.

The company also guided to a pro forma profit of 6 cents a share for the first quarter on revenue of $400 million. Analysts surveyed by Thomson First Call were looking for a 12-cent profit on sales of $426 million.

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