swung to a first-quarter profit on the back of higher sales, an improved product mix and lower depreciation expenses.
The South Portland, Maine, company earned $26.6 million, or 21 cents a share, in the quarter, compared with a loss of $10.4 million, or 9 cents a share, a year ago. The earnings included $5.3 million in stock options expenses, a $3.2 million gain on the sale of the LED lamps and displays product line, and $3.5 million in tax benefits.
Analysts polled by Thomson First Call were expecting earnings of 13 cents a share.
First-quarter revenue rose 12.9% to $409.5 million. Analysts were looking for $401.9 million.
"We expect second-quarter revenue to be flat to down 3% sequentially as we return to a 13-week second quarter from the 14-week first quarter of 2006," the company said Wednesday. Analysts are expecting revenue of $403 million in the second quarter.
Shares of Fairchild were higher by $1.09, or 5.5%, to $20.77.
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