It looks like my big buys at $14.50 and more at $12.15 paid off well!
March 10, 2016, 4:20 P.M. ET
Finisar Jumps 8%: FYQ3 Profit Beats, Q4 View Tops Consensus
By Tiernan Ray
Shares of fiber-optic component supplier Finisar (FNSR) are up $1.12, or 8%, at $15.30, in late trading, after the company this afternoon reported fiscal Q3 revenue that slightly missed analysts’ exceptions, but beat on the bottom line, and forecast this quarter’s results higher than consensus.
Revenue in the three months ended in January slipped by 4%, year over year, to $309 million, yielding EPS of 25 cents.
Analysts had been modeling $311 million and 22 cents.
Gross profit margin of 28.4% was a step up from the prior quarter’s 27.7%, helped by a favorable “mix” of products sold, the company said. Operating expenses were lower than the company had expected.
For the current quarter, the company sees revenue of $307 million to $327 million, and EPS of 22 cents to 28 cents. That compares to consensus for $313 million and 21 cents.
The upbeat outlook and the stock jump is in contrast to fiber-optic equipment supplier Ciena (CIEN), which last week missed with its own outlook for the current quarter.
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