We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Dolby's (DLB) Q4 Earnings & Revenues Beat Estimates, Up Y/Y
Read MoreHide Full Article
Dolby Laboratories, Inc (DLB - Free Report) reported fourth-quarter fiscal 2023 results, with non-GAAP earnings per share (EPS) of 65 cents compared with 54 cents reported in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate of 52 cents.
Total revenues were $290.6 million, up from $278.2 million in the year-ago quarter. The top line surpassed the Zacks Consensus Estimate by 1.46%. The uptick was caused by increased adoption of Dolby Atmos and Dolby Vision.
The company announced a dividend of 30 cents per share, payable on Dec 5, to shareholders of record on Nov 28, 2023.
Dolby Laboratories Price, Consensus and EPS Surprise
Revenues from Licensing were $265.2 million, up from $249.1 million reported in the prior-year quarter. Products and Services’ revenues were $25.3 million compared with $29.1 million reported in the year-ago quarter.
Broadcast Licensing contributed 39% to the total licensing revenues in the fiscal fourth quarter. Mobile Licensing accounted for 14%, Consumer Electronics 16%, PC Licensing 10% and Licensing from Other Markets contributed 22% to licensing revenues.
Other Details
Gross profit in the fiscal fourth quarter was $255.1 million compared with $241.1 million in the year-ago quarter. Total operating expenses increased to $258.5 million from $213.9 million reported in the year-ago quarter.
Operating loss was $3.5 million against the operating income of $27.1 million in the year-ago quarter.
In the fiscal fourth quarter, the company repurchased 0.3 million of its common shares and ended the quarter with $212 million of stock repurchase authorization.
Cash Flow and Liquidity
In the fiscal fourth quarter, Dolby generated $85 million of net cash from operating activities compared with $51.3 million in the prior-year period. As of Sep 29, 2023, the company had $745.4 million in cash and cash equivalents, with $607.6 million in total liabilities.
2024 Guidance
For the first quarter of fiscal 2024, the company expects GAAP EPS of 44-59 cents and non-GAAP EPS of 80-95 cents on revenues of $300-$330 million.
On a GAAP basis, operating expenses are expected to be in the range of $220-$230 million, whereas, on a non-GAAP basis, operating expenses are anticipated to be between $180 million and $190 million.
For fiscal 2024, the company expects revenues to be $1.30 billion. GAAP operating margin is expected to be 20%, while the non-GAAP operating margin is expected to be nearly 32%.
On a GAAP basis, operating expenses are expected to be between $885 million and $895 million, whereas, on a non-GAAP basis, operating expenses are anticipated to be in the range of $740-$750 million. The company expects GAAP EPS of $2.30-$2.45 and non-GAAP EPS of $3.60-$3.75.
The Zacks Consensus Estimate for Guidewire Software’s fiscal 2024 EPS has increased 10.5% in the past 60 days to 74 cents. Shares of GWRE have soared 47.1% in the past year.
The Zacks Consensus Estimate for Flex’s fiscal 2024 EPS has gained 3.6% in the past 60 days to $2.56. Flex’s long-term earnings growth rate is 12.4%. Shares of FLEX have gained 29.5% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has improved 7.3% in the past 60 days to $3.07.
Badger Meter’s earnings outpaced the Zacks Consensus Estimate in all the last four quarters, the average surprise being 10.3%. Shares of BMI have rallied 24.6% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Dolby's (DLB) Q4 Earnings & Revenues Beat Estimates, Up Y/Y
Dolby Laboratories, Inc (DLB - Free Report) reported fourth-quarter fiscal 2023 results, with non-GAAP earnings per share (EPS) of 65 cents compared with 54 cents reported in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate of 52 cents.
Total revenues were $290.6 million, up from $278.2 million in the year-ago quarter. The top line surpassed the Zacks Consensus Estimate by 1.46%. The uptick was caused by increased adoption of Dolby Atmos and Dolby Vision.
The company announced a dividend of 30 cents per share, payable on Dec 5, to shareholders of record on Nov 28, 2023.
Dolby Laboratories Price, Consensus and EPS Surprise
Dolby Laboratories price-consensus-eps-surprise-chart | Dolby Laboratories Quote
Segmental Performance
Revenues from Licensing were $265.2 million, up from $249.1 million reported in the prior-year quarter. Products and Services’ revenues were $25.3 million compared with $29.1 million reported in the year-ago quarter.
Broadcast Licensing contributed 39% to the total licensing revenues in the fiscal fourth quarter. Mobile Licensing accounted for 14%, Consumer Electronics 16%, PC Licensing 10% and Licensing from Other Markets contributed 22% to licensing revenues.
Other Details
Gross profit in the fiscal fourth quarter was $255.1 million compared with $241.1 million in the year-ago quarter. Total operating expenses increased to $258.5 million from $213.9 million reported in the year-ago quarter.
Operating loss was $3.5 million against the operating income of $27.1 million in the year-ago quarter.
In the fiscal fourth quarter, the company repurchased 0.3 million of its common shares and ended the quarter with $212 million of stock repurchase authorization.
Cash Flow and Liquidity
In the fiscal fourth quarter, Dolby generated $85 million of net cash from operating activities compared with $51.3 million in the prior-year period.
As of Sep 29, 2023, the company had $745.4 million in cash and cash equivalents, with $607.6 million in total liabilities.
2024 Guidance
For the first quarter of fiscal 2024, the company expects GAAP EPS of 44-59 cents and non-GAAP EPS of 80-95 cents on revenues of $300-$330 million.
On a GAAP basis, operating expenses are expected to be in the range of $220-$230 million, whereas, on a non-GAAP basis, operating expenses are anticipated to be between $180 million and $190 million.
For fiscal 2024, the company expects revenues to be $1.30 billion. GAAP operating margin is expected to be 20%, while the non-GAAP operating margin is expected to be nearly 32%.
On a GAAP basis, operating expenses are expected to be between $885 million and $895 million, whereas, on a non-GAAP basis, operating expenses are anticipated to be in the range of $740-$750 million. The company expects GAAP EPS of $2.30-$2.45 and non-GAAP EPS of $3.60-$3.75.
Zacks Rank & Stocks to Consider
Dolby currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology space are Guidewire Software (GWRE - Free Report) , Flex (FLEX - Free Report) and Badger Meter (BMI - Free Report) . Each stock presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Guidewire Software’s fiscal 2024 EPS has increased 10.5% in the past 60 days to 74 cents. Shares of GWRE have soared 47.1% in the past year.
The Zacks Consensus Estimate for Flex’s fiscal 2024 EPS has gained 3.6% in the past 60 days to $2.56. Flex’s long-term earnings growth rate is 12.4%. Shares of FLEX have gained 29.5% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has improved 7.3% in the past 60 days to $3.07.
Badger Meter’s earnings outpaced the Zacks Consensus Estimate in all the last four quarters, the average surprise being 10.3%. Shares of BMI have rallied 24.6% in the past year.