RTTNews | Jan 28, 2021 09:19PM EST

21:19 Thursday, January 28, 2021 (RTTNews.com) - Dolby Laboratories Inc. (DLB) reported that its first quarter net income rose to $135.2 million or $1.30 per share, from $48.8 million or $0.47 per share in the first quarter of fiscal 2020. The latest-quarter results included a pre-tax gain of $13.9 million related to the sale of property previously classified as held for sale.

On a non-GAAP basis, first quarter net income was $153.3 million or $1.48 per share, compared to $65.5 million or $0.64 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.04 per share for the first-quarter. Analysts' estimates typically exclude special items.

Total revenue for the grew to $389.9 million, from $291.9 million in the previous year. Analysts expected revenue of $345.33 million for the quarter. Dolby announced a cash dividend of $0.22 per share of Class A and Class B common stock, payable on February 19, 2021, to stockholders of record as of the close of business on February 9, 2021.

For its second quarter of fiscal 2021, the company expects earnings per share to be in the range of $0.36 - $0.51, non-GAAP earnings per share of $0.57 - $0.72 and total revenue of $280 million - $310 million. Analysts expect the company to report earnings of $0.62 per share and revenues of $290.1 million for the second-quarter.

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