Scientific-Atlanta Beats Estimates

The cable TV equipment provider beat estimates by 2 cents on better bookings.

Author:: Michael Dunn
Publish date:: Apr 19, 2002 9:10 AM EDT

Cable-equipment maker

Scientific-Atlanta

(SFA)

beat analyst estimates by 2 cents as its bookings increased from the previous quarter, but profits and revenue were down from last year.

The company posted net income of $43.8 million, or 28 cents a share, down 43% from $76.2 million, or 46 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial/First Call were expecting the company to earn 26 cents a share.

Quarterly sales fell by 32% from a year ago to $452.7 million from $663.7 million, but increased 12% from the prior quarter and came in above analyst estimates of $432.7 million. Bookings for the quarter increased slightly sequentially to $489.6 million, but fell 9% from a year ago.

The company said it is continuing to broaden its subscriber products to meet broader acceptance of new technologies such as HDTV, high speed data, and digital headend products, but it offered no further guidance.

The stock was recently up 8.4% to $24.00 after closing at $22.15 Thursday.