Guidance shocks stock price
PETALUMA — Calix, Inc. (NYSE: CALX) today announced it has lowered its estimates for revenue and non-GAAP earnings per share, reflecting decreased demand across multiple markets, according to a regulatory filing by the company.
Revenue is now expected to be flat versus the first quarter of 2012, at $79 million. Non-GAAP earnings per share are expected to be one cent higher than the first quarter, at 4 cents.
Original estimates for revenue in the quarter ending June 30 were between $93 million and $97 million, with non-GAAP earnings per share from 7 to 11 cents.
The company attributed the decrease to a slowdown in capital expenditures by service providers amid concerns of shifting regulations and the worldwide economy.
“While we are clearly disappointed in these estimated results, we are encouraged by the progress we are making in building our international business, which saw a sequential increase in shipments and by a relatively strong month in June for bookings for domestic customers,” said Carl Russo, president and CEO, in a release.
Based in Petaluma, Calix develops broadband data systems and software. Total assets of the company were $359.8 million at the end of the first quarter, with cash and cash equivalents on hand of $49.56 million.
The price of Calix stock dropped more than 10 percent Wednesday, or by 73 cents a share, to $6.48. The fall continued in after-hours trading, tumbling 22 percent, or $1.43 a share, to $5.05 at 5 p.m. Pacific Time.
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