UPDATE 1-Harmonic Q4 results top analysts' view, shares rise
Tue Jan 29, 2008 6:36pm EST
Jan 29 (Reuters) - Harmonic Inc (HLIT.O: Quote, Profile, Research), a digital video and broadband optical networking systems provider, posted quarterly profit above analysts' view, helped by a 17 percent jump in net sales, sending shares up 9 percent in after-hours trade.
For the fourth quarter, the company posted net income of $13.3 million, or 15 cents per share, up from $5.0 million, or 7 cents a share, a year ago.
Excluding items, the company earned 19 cents a share. Net sales for the quarter stood at $88.4 million.
The company said revenue grew in both domestic and international markets, with international sales representing 43 percent of revenue for the quarter.
Analysts on average expected earnings of 15 cents a share, before items, on revenue of $83.6 million, according to Reuters Estimates.
The company expects combined net sales for the first half of 2008 to be in the range of $165 million to $175 million.
Shares of the company were trading at $10.45 after the bell. The stock had closed at $9.57 Tuesday on the Nasdaq. (Reporting by Sharangdhar Limaye in Bangalore; Editing by Deepak Kannan)
reuters.com |
