Why Is Telecommunications Company Calix Stock Taking A Hit Today? – Calix (NYSE:CALX)
Calix Inc CALX reported a first-quarter FY24 sales decline of 9.5% year-on-year to $226.31 million, missing the analyst consensus estimate of $228.139 million.
Gross margin for the quarter expanded 300 basis points to 54.2% and the gross profit dropped 4.3% to $122.6 million.
Total operating expenses increased 5.5% to $124.6 million. Operating loss totaled $(2) million compared to an operating income of $9.9 million.
Adjusted EPS of $0.21 beat the consensus estimate of $0.20.
Calix held $239.5 million in cash and equivalents as of March 30, 2024. Operating cash flow for the quarter totaled $14.7 million.
Outlook: Calix sees second-quarter revenue of $197 million – $203 million (consensus $232.76 million) and gross margin of 53.55% – 55.55%.
Calix expects second-quarter adjusted EPS of $0.03 – $0.09 versus an estimate of $0.24.
Price Action: CALX shares traded lower by 18.44% at $24.11 premarket Tuesday.
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