JDS Uniphase Swings To 3Q Profit, Topping Street Views; Stock Up

Date : 05/04/2011 @ 5:16PM
Source : Dow Jones News
Stock : Viavi Solutions Inc. (MM) (VIAV)
Quote : 9.96  0.0 (0.00%) @ 4:00AM

JDS Uniphase Swings To 3Q Profit, Topping Street Views; Stock Up

(MM) (NASDAQ:JDSU)
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JDS Uniphase Corp. (JDSU) swung to a fiscal third-quarter profit, and adjusted results rose and topped analysts' estimates, as the company saw revenue jump sharply.

The company also forecast current-quarter revenue of $455 million to $475 million. Analysts surveyed by Thomson Reuters expect $470 million.

Shares jumped 8.9% to $21.78 after hours. As of the close, the stock had risen 38% so far this year.

JDS, which makes products for telecommunications companies, cable operators and network-equipment manufacturers, has returned to profitability in recent quarters after a more than two-year streak in the red. Results have been helped by sharp revenue growth amid continued strength in its optical-component business.

For the quarter ended April 2, JDS reported a profit of $38.6 million, or 16 cents a share, from a loss of $11.9 million, or 5 cents, a year earlier. Excluding items such as stock-based compensation, earnings rose to 22 cents from 10 cents. Analysts polled by Thomson Reuters had most recently forecast earnings of 20 cents.

Revenue jumped 37% to $454 million. The company had forecast $440 million to $460 million.

In the communications test and measurement segment, the company's largest, revenue rose 30%, while it rose 63% in the communications and commercial optical products segment, which is involved in telecom and cable television.

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

 
 



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