Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Finisar Q3 Adj. Profit Beats Estimates, Guides Q4 In Line

RELATED NEWS
Trade FNSR now with 

Shares of Finisar Corp. (FNSR: Quote) gained more than 2 percent in extended trade Thursday after the fiber optics equipment maker's third-quarter adjusted earnings beat analysts' expectations. The company also forecast results for the fourth quarter in line with analysts' estimates.

Sunnyvale, California-based Finisar makes optical subsystems and components for use in fiber optics-based data communication and telecommunication networks applications. The company reported a loss for the third quarter, reflecting lower revenues and higher expenses. The latest quarter's results include impairment of long-lived assets of $4.89 million and amortization of purchased intangibles of $1.04 million.

Provision for income taxes for the quarter was $2.15 million, compared to $0.88 million in the same period last year.

Finisar's third-quarter net loss was $3.41 million or $0.04 per share, compared with net income of $8.91 million or $0.09 per share in the year-ago period.

Excluding items, adjusted earnings for the quarter were $16.93 million or $0.17 per share, compared with adjusted earnings of $22.42 million or $0.23 per share in the prior-year period. On average, fourteen analysts polled by Thomson Reuters expected earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined 2 percent to $238.51 million from $242.95 million in the year-ago period. Analysts had a consensus revenue estimate for the quarter of $238.36 million.

However, revenues increased 3 percent from the preceding second quarter, primarily driven by growth in revenues from 10G and 100G transceivers and transponders for datacom applications.

Gross margin declined to 28.5 percent from 29.3 percent in the same period last year.

Looking ahead to the fourth quarter, Finisar expects adjusted earnings of $0.15 to $0.19 per share on revenues in a range of $235 million to $250 million. Analysts currently expect earnings of $0.17 per share for the quarter on revenues of $241 million.

FNSR closed Thursday's regular trading at $15.84, up $0.83 or 5.53 percent on a volume of 5.76 million shares. In after-hours, the stock further gained $0.40 or 2.53 percent to $16.24.

Register
To receive FREE breaking news email alerts for FINISAR CORP and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Swiss economy stalled in the second quarter as the improvement in household spending was insufficient to offset the weakness in exports and investment in construction. Gross domestic product remained flat from the first quarter, when it accelerated to 0.5 percent, the State Secretariat for Economic Affairs said Tuesday. Economists had expected GDP to rise 0.5 percent in the second quarter. Policymakers of Reserve Bank of Australia decided to maintain its record low interest rate once again as they continue to assess that the most prudent course is a period of stability in interest rates. The monetary policy board retained the cash rate at 2.50 percent. The rate has been at the current level since August 2013. A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.