Avanex Q2 sales, operating income top expectations
FREMONT, Calif., Jan 23 (Reuters) - Avanex Corp. (NasdaqNM:AVNX - news), which makes fiber optic-based products, said on Tuesday that it had grown sales by 27 percent in the second quarter, topping expectations for both revenue and profits.
The company, which makes processors that allow for increased bandwidth on optical networks, reported net revenues of $47.9 million for the quarter ending Dec. 31 -- about 12 percent better than analysts had expected.
Net revenues were up from $34.8 million in the prior quarter, a sequential gain of 27 percent.
Avanex reported pro-forma operating income of $4.1 million or 6 cents a share in the quarter, excluding amortization charges. That beat the average forecast of analysts following the stock which had been for an operating profit of 5 cents, according to First Call/Thomson Financial.
``It was, for us, a successful quarter,'' the company's chief executive Walter Alessandrini said in a statement.
Shares in Avanex fell back to $79-1/4 in after hours trade, down from a close of $81-7/8 on Nasdaq. The stock had rallied 34 percent so far this year before Tuesday trade. |
