Finisar Corporation reported its results for the second quarter. Finisar is a provider of optical subsystems and components that connect short-distance local area networks, or LANs, and storage area networks, or SANs, and longer distance metropolitan area networks, or MANs and wide area networks, or WANs.
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Finisar Earnings Cheat Sheet for the Second Quarter
Results: Net income for Finisar Corporation fell to $5.9 million (6 cents per share) vs. $10.1 million (11 cents per share) a year earlier. This is a decline of 41.6% from the year earlier quarter.
Revenue: Rose 5.8% to $241.5 million from the year earlier quarter.
Actual vs. Wall St. Expectations: FNSR reported adjusted net income of 23 cents per share. By that measure, the company beat the mean estimate of 18 cents per share. Analysts were expecting revenue of $242.1 million.
Quoting Management: “In our just completed fiscal second quarter, our revenues were $241.5 million, 5.8% greater than the preceding first quarter, primarily driven by growth in sales of our WSS and ROADM line card products, tunable XFP transceivers, and the consolidation of a full quarter of the financial results of our Ignis subsidiary. We achieved a non-GAAP gross margin of 32.1%. Non-GAAP operating income increased 12.5% from the preceding quarter, and non-GAAP operating margin increased to 9.8% from 9.2% in the preceding quarter. Our non-GAAP earnings per diluted share were $0.23,” said Jerry Rawls, Finisar’s executive Chairman of the Board.
Key Stats:
Revenue has risen the past four quarters. Revenue increased 9.8% to $228.2 million in the first quarter. The figure rose 25.7% in the fourth quarter of the last fiscal year from the year earlier and climbed 57.6% in the third quarter of the last fiscal year from the year-ago quarter.
Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the third quarter is 23 cents per share, a drop from 24 cents. Over the past sixty days, the average estimate for the fiscal year has reached 83 cents abs per share, a decline from 85 cents.
Competitors to Watch: JDS Uniphase Corporation , Oclaro, Inc. , Oplink Communications, Inc , NeoPhotonics Corp , MRV Communications, Inc. (MRVC), EMCORE Corporation , Opnext, Inc. , Alliance Fiber Optic Products, Inc. , Cisco Systems, Inc. , and Arris Group, Inc. .
Stock Performance: Shares of FNSR were up 7.8% from the previous close.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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