Technology
Analysts Much More Excited About Finisar After Solid Earnings
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Finisar Corp. (NASDAQ: FNSR) reported its fiscal third-quarter financial results after the markets closed on Thursday. As a result, analysts and investors alike were thrilled with the results and pushed the stock up nearly 20% in Friday’s session.
The company said it had $0.25 in earnings per share (EPS) on $309.2 million in revenue. That compared to consensus estimates of $0.23 in EPS on revenue of $311.1 million. In the same period of the previous year, it posted EPS of $0.25 and $321.14 million in revenue.
In terms of the outlook, the company indicated that for the fiscal fourth quarter it currently expects EPS to be in the range of $0.22 to $0.28, revenues in the range of $307 to $327 million, gross margin of roughly 30% and an operating margin between 8.2% and 9.2%. Consensus estimates call for $0.21 in EPS on $314.66 million in revenue for the fourth quarter.
Jerry Rawls, CEO of Finisar, commented on the earnings report:
Revenues for our third fiscal quarter were $309.2 million, approximately in line with the midpoint of our prior guidance range for the quarter of $300 to $320 million. Better than expected gross margins, due to favorable product mix, as well as lower than expected operating and other expenses, resulted in earnings per fully diluted share at the upper end of our prior guidance range.
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