EXFO reports and raises estimate
Shares soar 35 percent
By Barbara C. Costanza, CBS.MarketWatch.com
Last Update: 12:40 PM ET Jan 17, 2001http://www2.marketwatch.com/news/story.asp?guid={6AD1EE17-7CFA-4A23-94E0-6E4F80D77008}
QUEBEC CITY, Canada, (CBS.MW) -- Shares of EXFO Electro-Optical Engineering soared 28 percent Wednesday after the company posted better-than-expected first-quarter earnings and raised its projection for fiscal 2001.
The company (EXFO: news, msgs) posted profits from operations of $7.5 million, or 16 cents a share, an increase of 477 percent compared with the year-ago total of $1.3 million, or 3 cents a share. Analysts polled by First Call/Thomson Financial expected a profit of 8 cents a share. Sales came in at $28.5 million, an increase of 144 percent compared with $11.7 million last year.
The company, which designs and markets fiber-optic test, measurement and monitoring instruments, cited progress in its optical component and system manufacturer market as well as its position in the carrier market.
As a result of the increased demand, the company raised its sales estimate to between $140 million and $150 million for fiscal 2001. In addition the company anticipates earnings of 40 cents to 45 cents for fiscal 2001, which excludes amortization of goodwill.
Shares rose $8.13 to $37.50. |
