UPDATE 1-Oclaro sees stronger-than-expected revenue
Thu, Jan 5 2012
* Sees Q2 rev about $86 mln vs analysts' est $80.7 mln
* Says has enough property insurance to cover any flood related losses
* Shrs rise 10 pct in after hours trading
(Adds details, background)
JAN 4 (Reuters) - Optical components maker Oclaro Inc (OCLR.) forecast stronger-than-expected second-quarter revenue as the company resumed production at many of its manufacturing lines affected by the Thailand floods.
Shares of the San Jose, California-based company rose 10 percent to $3.25 in after hours trading on the Nasdaq after closing at $2.94 on Wednesday.
Oclaro, which competes with Finisar Corp (FNSR.), JDS Uniphase Corp (JDSU) and Oplink Communications (OPLK.), said on Wednesday that it had preliminary revenue of about $86 million for its second quarter which ended Dec. 31. The company reported revenue of $120.3 million in the year ago quarter.
Analysts' average estimate was for revenue of $80.7 million, according to Thomson Reuters I/B/E/S. Oclaro said in November that it expected revenue of $75 million to $85 million for its second quarter.
The company, which makes lasers, transceivers and tuners used for data transmission, said it currently expects four of the five flood affected product lines to have restarted commercial output at supplier Fabrinet's Pinehurst facility by the end of January.
Oclaro also said it believes it has adequate property and business interruption insurance to cover any flood related losses. It expects an advance payment of more than $10 million from its insurance carrier in the March fiscal quarter.
The company is expected to report its second quarter results on Jan 27, 2012.
uk.reuters.com |
