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NAPERVILLE, Ill. - Tellabs Inc., a maker of telecommunications equipment, said Tuesday its profit rose 32 percent in the second quarter largely because a one-time benefit from a favorable IRS audit helped offset declines in U.S. revenue.
| TLAB | 3.92 |  0.43 |
Tellabs had net income of $39 million, or 10 cents per share, compared with $29.6 million, or 7 cents per share, in the year-ago period.
The company reported a one-time income tax gain of $35 million, or 9 cents per share, in the latest quarter.
Overall revenue was down 19 percent to $432 million from $534.5 million in the second quarter of last year. A 20 percent rise in international revenue to $145 million helped offset declines in the United States.
Analysts, on average, expected the company to break even on sales of $434.5 million, according to a poll by Thomson Financial. Analysts typically exclude one-time items from their estimates.
Shares of Tellabs fell 16 cents, or 3.4 percent, to $4.53 in morning trading.
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