Finisar Lifts Q1 Financial Outlook, Shares Rise

(RTTNews) - Fiber optic equipment maker Finisar Corp. (FNSR) on Tuesday raised its financial outlook for the first quarter, citing increased sales of Ethernet transceivers for datacom applications, a favorable product mix and increased operating leverage. The revised outlook is above analysts' expectations. The company's shares gained more than 17 percent in extended trades.

Accordingly, Finisar now expects adjusted earnings for the first quarter in a range of $0.30 to $0.31 per share, up from the previous outlook of $0.22 to $0.26 per share. The company now forecasts revenues for the quarter of about $266 million, up from the prior guidance of $245 million to $260 million.

On average, analysts polled by Thomson Reuters currently expect the company to report earnings of $0.24 per share for the quarter on revenues of $253.64 million. Analysts' estimates typically exclude special items.

The company noted that revenue growth for the first quarter was driven primarily by increased sales of 10G, 40G and 100G Ethernet transceivers for datacom applications. About $2 million of the revenue growth over the prior quarter was from products for telecom applications.

Finisar expects to announce its financial results for the first quarter after the market close on Thursday, September 5.

FNSR closed Tuesday's regular trading session at $19.13, down $0.88 or 4.40 percent on a volume of 1.39 million shares. However, in after-hours, the stock gained $3.37 or 17.62 percent to $22.50.