UPDATE 1-Finisar Q1 results beat Street, sees strong Q2 revenue
5:51pm EDT
* Q1 EPS $0.31 vs est $0.23
* Q1 revenue $207.9 mln vs est $201.1 mln
* Sees Q2 revenue of $215-$230 mln vs est $206.2 mln
* Plans to add ROADM capacity in Q2
* Shares up 10 pct after market
Sept 2 (Reuters) - Finisar Corp (FNSR.O: Quote, Profile, Research, Stock Buzz), which makes high-speed network gear, posted better-than-expected quarterly results, helped by robust demand for its transceivers and network-switching products, and forecast a strong second quarter, sending its shares up 10 percent.
The company said it plans to add significant capacity in the second quarter as demand for the ROADM devices used to switch traffic in fiber optic networks currently exceeds its ability to supply.
For the first quarter, the company posted revenue of $207.9 million, beating analysts' average estimate of $201.1 million, according to Thomson Reuters I/B/E/S.
Net income from continuing operations was $19.4 million, or 24 cents a share, compared to a loss of $11.1 million, or 0.18 cents per share, in the year-ago period.
Excluding items, net income from continuing operations was 31 cents a share.
Analysts on average were expecting a profit of 23 cents a share for the company, whose customers include Cisco Systems (CSCO.O: Quote, Profile, Research, Stock Buzz), EMC Corp (EMC.N: Quote, Profile, Research, Stock Buzz), and IBM (IBM.N: Quote, Profile, Research, Stock Buzz).
For the second quarter, the company forecast revenue of $215-$230 million, above analysts' estimates of $206.2 million.
The company's shares, which have fallen 12 percent since Cisco, one of its biggest customers, forecast disappointing revenue targets on Aug. 11, were up 10 percent at $15 after the bell Thursday. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Vinu Pilakkott) |
