Finisar's stock up on 4Q results and 1Q outlook
Finisar's stock jumps aftermarket as earnings and outlook exceed Wall Street expectations
NEW YORK (AP) -- Fiber optics products maker Finisar Corp. said Tuesday its net income shrank during the fiscal fourth quarter, but its shares climbed on strong adjusted results and a solid outlook for the current quarter.
Finisar said sales of 10G and 100G Ethernet transceiver and transponders improved during the quarter. If impairment charges and other one-time items are excluded, its net income was better than Wall Street expected. The Sunnyvale, Calif., company also forecast first-quarter net income and revenue that surpassed expectations.
Shares of Finisar climbed $1.35, or 9.3 percent, to $15.87 in aftermarket trading following the release of the earnings report. Earlier, the stock picked up 8 cents to close the regular trading session at $14.52.
The company said its net income dropped to $3.9 million, or 4 cents per share, from $18 million, or 19 cents per share. Its results were hurt by impairment charges related to acquired technology and other assets. Excluding one-time items Finisar said it earned 20 cents per share in the quarter that ended April 28. Revenue rose 1 percent, to $243.4 million from $239.9 million.
Analysts were projecting net income of 17 cents per share on $242.6 million in revenue, according to FactSet.
Finisar said it lost $5.5 million, or 6 cents per share, in fiscal 2013 after reporting a profit of $43 million, or 46 cents per share, the year before. Revenue fell 2 percent, to $934.3 million from $952.6 million as sales of products for telecom applications decreased.
The company said it anticipates adjusted net income of 22 cents to 26 cents per share in the current quarter, on $245 million to $260 million in revenue.
Analysts expect net income of 19 cents per share and $248.9 million in revenue on average.
