JDS Uniphase tops expectations
By Cecily Fraser, CBS MarketWatch
Last Update: 5:22 PM ET Oct 28, 1999 NewsWatch
SAN JOSE, Calif. (CBS.MW) -- JDS Uniphase exceeded Wall Street's first-quarter earnings expectations by four cents a share Thursday as the fiber optic equipment maker reaped the benefits of a 104 percent increase in sales.
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Updated:
10/28/99 1:56:46 PM ET
Excluding charges, JDS Uniphase reported pro forma net income of $51 million, or 29 cents a share, a 121 percent increase over $23 million, or 14 cents, last year.
Analysts surveyed by First Call forecast a profit of 25 cents for the company.
Sales for the first quarter hit $230 million, up 104 percent from $113 million in the year-ago period, reflecting growth in the company's component and module business segments, JDS Uniphase said.
The result of a June 30 merger between San Jose, Calif..-based Uniphase Corp. (JDSU: news, msgs) and Ottawa-area based JDS Fitel Inc., the company provides components and modules for the fast-growing fiber-optic market.
Shares of JDS Uniphase rose 6 7/8 to 152 7/16 ahead of the earnings report, released after the market closed. |
