NEWS: JDS Uniphase Corp. swung to a profit in its fiscal first quarter, but the company's revenue forecast came in below analysts' projections. The company's stock dropped by 8 percent late Wednesday after the discouraging outlook was released.
DETAILS: The maker of testing equipment for communications networks delivered a solid performance during the three months ending Sept. 28. The Milpitas, Calif., company credited the improvement to corporate customers that were expanding their networks and a positive response to some of its newer products.
NUMBERS: The company eked out earnings of $300,000, which worked out to break even on a per share basis, for the three months ended Sept. 28. The showing compared with a loss of $11.6 million, or 5 cents per share, at the same time last year.
If not for items unrelated to its ongoing business, JDS Uniphase said it would have earned 13 cents per share. That figure was a penny better than the average estimate among analysts surveyed by FactSet.
Revenue for the most recent quarter edged up by 2 percent from last year to $429 million, about $6 million above analyst predictions.
FUTURE: Management forecast revenue of $420 million to $440 million for the current quarter ending in late December. Analysts had been expecting revenue of nearly $457 million.
STOCK: JDS Uniphase's shares shed $1.25, or 8.5 percent, to $13.50 in extended trading. The stock closed Wednesday's regular session at $14.75, up about 9 percent since the start of the year.