Calix Inc. (CALX) released its first-quarter financial results for fiscal year 2024 after the market closed on Monday, presenting a mixed bag of outcomes.
The company reported a 9.5% year-over-year decline in revenue to $226.31 million, falling short of analysts’ consensus estimate of $228.139 million. However, Calix’s adjusted EPS of $0.21 surpassed the consensus estimate of $0.20, as per data gathered by Benzinga Pro.
During the quarter, Calix’s gross margin expanded by 300 basis points to 54.2%, while its gross profit experienced a 4.3% reduction to $122.6 million.
For the second quarter, Calix anticipates revenue in the range of $197 million to $203 million, below the consensus estimate of $232.76 million. The company also forecasts a gross margin of 53.55% to 55.55% and adjusted EPS between $0.03 and $0.09, significantly lower than the estimated $0.24.
Following the earnings announcement, Calix’s stock price dropped by 5.2% on Tuesday, closing at $28.03. Several analysts adjusted their price targets on Calix, with Needham reducing its target from $50 to $45, Roth MKM cutting its target from $50 to $43, and Rosenblatt maintaining its Buy rating but lowering its target from $45 to $35.
