Top Performer for Thurs: Finisar (FNSR) - Zacks #1 Rank Top Performers
Finisar Corporation (FNSR) is the top-performing Zacks #1 Rank Thursday with a gain of approximately 8.8%.
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The fiber optic subsystems and components company boosted its common stock offering today to a little more than 8.6 million shares, compared to its previous target of 7.2 million shares. It will be sold for $14 per share and total gross proceeds are expected at $121 million.
FNSR's volume is more impressive than its share price today, advancing to more than 9.2 million shares, compared to the daily average of 1.27 million.
Finisar Corporation is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for networking, storage, wireless and cable TV applications. It is the only company from the Fiber Optics industry on today's Zacks #1 Rank List.
Fiscal Third Quarter
Two weeks ago, Finisar Corporation announced its fiscal third quarter results, which included earnings per share of 12 cents that beat the Zacks Consensus Estimate by more than 33%.
Total revenues from continuing operations reached $166.9 million, marking a gain of 32.4% from $126.1 million last year. Sequentially, revenues improved 14.6%. The company made mention that this was its third straight quarter of revenue growth in the double digits, thanks to "a winning product portfolio and strong customer support as we worked to meet a surge in product demand."
Specifically, the year-over-year revenue increase of nearly $41 million included:
- an increase of $18.3 million in products for applications greater than 10 Gbps
- an increase of $12.9 million for ROADM products
- an increase of $7.2 million in products for applications less than 10 Gbps
What about the Outlook?
"A robust order trend and healthy backlog have continued into our fourth fiscal quarter, which should enable us to make a strong finish to this fiscal year," stated Executive Chairman Jerry Rawls.
Finisar Corporation expects revenues between $175 million and $185 million for its fiscal fourth quarter. At the moment, the Zacks Consensus Estimate for the current quarter, which ends in April, is 14 cents per share, up 27% in 30 days and 100% in 2 months.
Earnings Estimates for Finisar Corporation
There are only 2 estimates for this year and next each, but they have both made upward revisions in the past 30 days. The Zacks Consensus Estimate for this fiscal year, ending in April, is 30 cents per share. That accounts for an improvement of 50% in 2 months and a little more than 30% in 30 days.
Meanwhile, the Zacks Consensus Estimate for next year is 70 cents, a full 133% better than the guidance for this fiscal year. This guidance is up 40% in 2 months and nearly 13% in 30 days.
