Tektronix blasts past 1Q estimates

Tektronix, Inc. (NYSE: TEK) Thursday reported net income of $27.4 million, or 56 cents a share, for the first quarter of fiscal year 2001, 10 cents above consensus estimates, according to First Call.

Results also compared favorably with the $12.9 million, or 28 cents a share, for the measurement segment in the same period a year ago. During the past year, Tektronix has moved from a portfolio company to a business focused on test, measurement and monitoring.

Shares in the company were up Thursday, and have been on the rise since the company reported a strong fourth quarter.

For the quarter, net sales were $278.2 million, compared with $228 million for the same period last year for the measurement segment. The company also reported growth of 26 percent in orders over the measurement segment in the same period last year.

The company said the better-than-expected results reflect the success of its new strategy, implemented over the past year; the company is focusing on high-growth segments -- telecommunications networks and computer/Internet-related technologies, and the underlying semiconductor industry.