SAN FRANCISCO (AP) - Finisar Corp. on Wednesday posted a profit in its fiscal second quarter on stronger demand for its optical networking equipment. A higher-than-expected forecast lifted the shares in aftermarket trading.
The company’s net income was $33.8 million, or 39 cents per share. In the same quarter last year, the company lost $31.5 million, or 49 cents per share.
Excluding items, the company earned 44 cents per share. Analysts expected 38 cents per share. Analysts generally exclude one-time items.
The company’s fortunes were lifted by substantially higher sales. The company sells to makers of data storage systems and computer networking and telecommunications equipment. Some customers include Cisco Systems Inc., Hewlett-Packard Co. and IBM Corp.
Finisar’s products include transmitters and receivers that help connect pieces of computer networks.
Revenue rose 65 percent to $240.9 million, from $145.7 million last year.
Also helping the latest quarter’s results was the fact Finisar didn’t record any restructuring costs, whereas in the same period last year it had $4.2 million in such costs related to it closing part of a facility in Texas and moving some manufacturing work to a cheaper facility in Malaysia.
For the fiscal third quarter, the company said it expects earnings of 45 cents to 47 cents per share, higher than analysts’ estimate for 41 cents per share, and revenue of $247 million to $262 million, higher than the $240 million analysts projected.
Finisar’s stock rose 93 cents, or 4.7 percent, to $20.70 in extended trading, after rising 68 cents, or 3.6 percent, to $19.77 during the regular trading session.
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