Tellabs Sales Down 22% in Q1

Lower carrier spending hit Tellabs Inc. (TLAB) as bad as feared in the first quarter of 2009, the equipment maker reported on Tuesday.

The Illinois-based company recorded a 22 percent drop in sales, down to $361.7 million. But here’s the catch: Tellabs still reported a profit of 5 cents per share, or about $7 million. That’s down from $17 million during the same period a year earlier, yet analysts were pleasantly surprised. Experts polled by Reuters Estimates had predicted profit of 3 cents per share.

Tellabs said second-quarter sales will come in flat or slightly up.

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