Finisar 2Q earns, revenue top views; outlook rosy

Finisar 2nd quarter earnings, revenue top Wall Street estimates; outlook also beats forecasts

Associated Press

SUNNYVALE, Calif. (AP) -- Fiber optic component supplier Finisar Corp. on Thursday reported second-quarter earnings and revenue that beat Wall Street expectations, sending its shares up in after-hours trading.

Net income in the three months through Oct. 27 came to $30 million, or 29 cents per share, up from $271,000, or break-even per share, a year ago.

Excluding such items as stock-based compensation costs, adjusted earnings came to 43 cents per share, above the 39 cents expected by analysts polled by FactSet.

Revenue rose 25 percent to $290.7 million, beating the $285.7 million analysts had expected.

The company said the revenue growth came from telecommunications and data communications products.

It predicted third-quarter adjusted earnings of 43 cents to 47 cents per share, well above the 38 cents per share analysts were expecting, and revenue of $290 million to $305 million, compared to the $290 million expected by analysts.

Shares rose $1.39, or 6 percent, to $23.08 in after-hours trading after already closing up $1.22, or 5.9 percent, at $21.76 in the regular session.

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