Finisar Q4 Earnings Meet Views

reported in-line earnings for its fourth quarter on Thursday. For the current quarter, the company expects profit of $0.23 to $0.29 per share, on revenue of $308 million to $328 million. Analysts had projected earnings of $0.25 per share on revenue of $318 million. The Sunnyvale, California-based company reported a quarterly profit of $7.3 million, or $0.07 per share, versus a year-ago profit of $28.8 million, or $0.28 per share. Excluding items, the company's earnings fell to $0.25 per share from $0.36 per share. Its revenue climbed to $320 million, from $306 million in the year-ago quarter. However, analysts were estimating a profit of $0.25 per share on revenue of $320.50 million. The average estimate among 7 Estimize users was for earnings of $0.24 per share and revenue of $321.04 million. Sales of products for datacom applications rose 3.2 percent from the preceding quarter, while sales of products for telecom applications climbed 8.6 percent versus the preceding quarter. Its gross margin shrank to 27.9 percent from 31.6 percent in the year-ago quarter. Its operating expenses rose to $78.9 million, versus $75.5 million in the year-ago quarter. At the end of the fourth quarter, cash, cash equivalents and short term investments totaled $490.2 million, versus $488.9 million at the end of the preceding quarter. "Revenues for our fourth fiscal quarter were $320.0 million, an increase of $13.8 million, or 4.5% compared to the prior quarter," said Jerry Rawls, Finisar's executive Chairman of the Board. "Revenue growth was primarily driven by the benefit from an extra week in the fourth quarter partially offset by the impact of Chinese New Year." Finisar shares gained 1.49 percent to $22.48 in the after-hours trading session.