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Tellabs tops 2Q estimates

    Tellabs Inc. (Nasdaq: TLAB) announced Wednesday that earnings for its second quarter were 39 cents a share, topping First Call's consensus estimate of 37 cents a share.

    Shares closed at 73 1/4 Tuesday, not far of their 52-week high of 77 1/4. The company hit lowered estimates in its first quarter.

    Sales for the second quarter, ended June 30, were $800.7 million, up 47.9 percent over sales of $541.3 million a year earlier.

    Net income for the second quarter was $162.7 million, up 33.2 percent from net income of $122.1 million a year earlier. Diluted earnings per share of common stock for the second quarter of 2000 were 39 cents compared with 29 cents for the second quarter of 1999.

    Tellabs said it is focusing its efforts in optical networking, broadband access and next-generation switching.

    Sales of optical networking products amounted to $527.7 million, and revenue from its TITAN family grew 65 percent over the second quarter of 1999.

    Tellabs broadband access products accounted for $158.0 million of sales in the quarter, up 47 percent over 1999 levels. The CABLESPAN system continued to emerge as a significant new revenue source during the second quarter as sales increased nearly four times over the second quarter of 1999.

    Next-generation switching products accounted for $46.1 million of sales in the second quarter, below the $75.5 million in the same period of 1999. The company said future revenue growth is expected from its new family of class-independent switching products and services.