beat Wall Street's second-quarter earnings estimate, posting income before charges of $10.8 million, or 12 cents a share. Analysts had been expecting 9 cents a share on average, according to Thomson Financial/First. In the year-ago quarter, the company earned $34.9 million, or 38 cents a share.
Sales for the quarter fell 34% to $214.6 million from $325.1 million in the year-ago period.
For the third quarter, the electronic test equipment maker expects sales to be 37% lower than last year's $326.9 million, with operating margins in the mid-single digits. For the full fiscal year, the company expects revenue to be 30% lower than its 2001 revenue of $1.24 billion.
Tektronix also announced that it will buy the rest of its joint venture with Sony, Sony/Tektronix, for about $65 million. The deal is expected to be finalized in September 2002.