Broadband products maker JDS Uniphase Corp. (JDSU: Quote) said Tuesday after the markets closed that it swung to a fourth quarter loss, hurt by lower revenue and an impairment charge.
However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
Looking forward, the company forecast first quarter adjusted net revenue in the range of $415 million to $435 million. Analysts currently expect the company to earn $427.06 million for the first quarter.
"JDSU's execution on its strategic priorities is leading to market share gains and financial leverage despite challenging economic conditions," said Tom Waechter, JDSU's President and Chief Executive Officer. "Our focus on innovation and operational excellence accelerated in fiscal 2012 and we look forward to advancing our target business model in fiscal 2013."
JDS Uniphase shares are gaining 4.49% in after hours trading after closing the day's regular trading session at $10.68, down 38 cents or 3.44%. The shares trade in a 52-week range of $8.47 to $15.17.
The Milpitas, California-based company reported a net loss for the fourth quarter of $24.3 million or $0.10 per share, compared to net income of $9.3 million or $0.04 per share for the year-ago quarter.
The latest quarter results include a $23.7 million impairment charge of certain long-lived assets and $10.5 million of insurance proceeds associated with the Thailand flood.
Excluding items, adjusted net income for the fourth quarter was $35.3 million or $0.15 per share, compared to $53.9 million or $0.23 per share in the prior year quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.12 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Gross margin for the quarter narrowed to 45.0% from 46.7% a year ago, while operating margin decreased to 8.7% from 12.3% last year.
Net revenue for the fourth quarter fell 7% to $439.3 million from $471.8 million a year earlier, while adjusted revenue declined to $439.3 million from $472.3 million last year. Eleven analysts had a consensus revenue estimate of $422.58 million for the fourth quarter.
Americas' customers represented 54% of the company's total net revenue for the quarter, while EMEA and Asia-Pacific customers represented 22% and 24%, respectively.
Communications test and measurement revenue, which represented 44.7% of total net revenue for the quarter, fell 7.1% year-over-year. Communications and commercial optical products revenue, which represented 42.1% of total net revenue, slipped 8.6%.
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by RTT Staff Writer
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