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Redback Networks delivers record sales, earnings in 1Q

    Redback Networks easily beat Street estimates in its first quarter Wednesday, pocketing $5.6 million, or 5 cents a share, on sales of $34.2 million.

    First Call consensus expected the network-equipment maker to earn 3 cents a share in the quarter.

    Redback (Nasdaq: RBAK) shares closed off 18 3/4, or 16 percent, to 96 ahead of the earnings report. The stock fell another $3 a share in after-hours trading.

    In the year-ago quarter, Redback lost $2.7 million, or 16 cents a share, on sales of $6.5 million.

    "The first quarter of 2000 was a period of expansion for Redback in the subscriber management market," said CEO Dennis Barsema in a prepared release.

    Last quarter, Redback posted its first profitable quarter, earning $2 million, or 4 cents a share, on sales of $26.1 million.

    Redback shares hit a 52-week high of 198 1/2 in March after falling to a low of 16 1/4 in June. In between, the stock's twice split 2-for-1.

    Twelve of the 13 analysts covering Redback maintain either a "buy" or "strong buy" recommendation on the stock.

    First Call consensus expects it to earn 18 cents a share in the fiscal year.