Finisar 3Q Profit More Than Triples; 4Q Forecast Weak

Date : 03/08/2011 @ 5:34PM
Source : Dow Jones News
Stock : Viavi Solutions Inc. (MM) (VIAV)
Quote : 11.25  0.5 (4.65%) @ 8:00PM

Finisar 3Q Profit More Than Triples; 4Q Forecast Weak

Finisar Corp. (MM) (NASDAQ:FNSR)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more Finisar Corp. (MM) Charts.

Finisar Corp.'s (FNSR) fiscal third-quarter earnings more than tripled, and adjusted results were in line with company estimates, as it benefited from sharply higher sales.

The company also forecast current-quarter earnings of 31 cents to 35 cents a share on revenue of $235 million to $250 million. Analysts surveyed by Thomson Reuters expect 48 cents on $269 million.

The weak forecast comes as Finisar said its fourth-quarter results will be impacted by price negotiations with its telecom customers that usually take effect Jan. 1, as well as a 10-day-long shutdown at certain customers for Chinese New Year in February and inventory adjustments.

Shares of Finisar were halted after hours, but chief competitor Uniphase Corp. (JDSU) shares plunged 14% to $21.85 in after-hours action. Another optical company, Oclaro Inc. (OCLR), saw shares drop 13% to $14.50 after hours.

The second-biggest fiber-optic equipment maker behind JDS has seen its results improve of late as revenue has surveyed amid what the company has called a "very strong" market environment. The company also has boosted its margins in recent quarters.

For the quarter ended Jan. 30, Finisar reported a profit of $18.8 million, or 22 cents a share, up from $5.5 million, or 8 cents, a year earlier. Excluding items such as stock compensation, debt conversion expense and a litigation settlement, earnings were 47 cents, up from 17 cents. Revenue jumped 58% to $263 million.

The company in December had forecast earnings of 45 cents to 47 cents on revenue of $247 million to $262 million, above analysts' views at the time.

Gross margin rose to 32% from 31%.

Finisar shares closed at $40.04 and have more than tripled in value in the past year.

 
 

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

 
 

Latest VIAV Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.