( AGR.A) posted a fiscal first-quarter loss Tuesday but beat analysts' pro forma profit and revenue targets.
For its first-quarter ended Dec. 31, the Allentown, Pa., tech shop lost $67 million, or 4 cents a share. A year ago, the company lost $39 million, or 2 cents a share.
On a pro forma basis, excluding certain costs, the latest-quarter loss was $8 million, or less than a penny a share, which is 2 cents better than the Thomson First Call Wall Street analyst consensus estimate. Revenue plunged to $410 million from $516 million a year earlier but beat the $401 million estimate.
"We achieved strong design-win momentum in all areas of the business and we are pleased by our continued strength in storage where we increased shipments of read channels and system-on-a-chip solutions to key customers targeting PC and consumer-electronics applications," said CEO John Dickson. "Overall, we have positioned ourselves for future growth and we expect to increase revenues and improve profitability as we move beyond the March quarter into the second half of fiscal 2005."
On Monday, Agere fell a nickel to $1.31.