Optical networking components maker, Oplink Communications, Inc.(OPLK) said Thursday it plunged into a loss in its fourth quarter from a profit last year, due mainly to a non-recurring deferred tax assets charge. Excluding items, the company's adjusted earnings comfortably beat Street analysts' expectations, while revenues fell shy.
Moving forward, the company provided outlook for the first quarter, with earnings indicated to top analysts' estimates. Shares of Oplink are currently gaining about 5.0 percent in after-hours trade on the Nasdaq.
Net loss for the fourth quarter was $5.2 million or a loss of $0.27 per share, versus a net income of $26.3 million or earnings of $1.23 per share in the prior year.
The net loss was due to a one-time, non-cash charge of $8.1 million related to certain deferred tax assets which will not be realized in the future, while the prior year had a benefit of $22.6 million.
Excluding items, adjusted earnings for the fourth quarter were $3.8 million or earnings of $0.19 per share, compared with $5.9 million or $0.28 per share a year-ago.
On average, three analysts polled by Thomson Reuters expected earnings of $0.12 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net revenues for the fourth quarter were $44.25 million, up from $43.67 million for the same quarter last year. Three analysts had a consensus revenue estimate of $44.48 million for the quarter.
For the first quarter, the company expects revenues of between $43 million and $46 million, net earnings per share of $0.08 to $0.14, and non-GAAP earnings per share of $0.16 to $0.22. Analysts currently expect earnings of $0.15 per share on sales of $46.15 million.
Shares of Oplink Communications closed at $14.26, up $4.85% on the Nasdaq. In after hours, the stock further gained $0.74 or 5.19%.
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