Finisar Expects to Report Revenue of About $266m

Fiber-optic communications component and subsystem maker Finisar Corp of Sunnyvale, CA, USA says that, on the basis of preliminary financial results, it expects to report revenue of about $266m for its fiscal first-quarter 2014 (ended 28 July 2013), compared to guidance of $245-260m provided on 19 June.

The revenue results are preliminary and subject to adjustment. However, in the absence of material adjustment, first-quarter revenue will set a new record for the firm and will be the fourth consecutive quarter of sequential revenue growth. The growth came primarily from increased sales of 10G, 40G and 100G Ethernet transceivers for datacom applications. About $2m of the revenue growth over the prior quarter was from products for telecom applications.

As a result of the higher-than-expected revenue, a favorable product mix and increased operating leverage, Finisar expects non-GAAP gross margin to be 34.5-35%, exceeding the previous guidance of about 33%. Earnings per share are expected to be $0.30-0.31, exceeding the forecast $0.22-0.26. A complete assessment of cost of revenues and operating expenses is not yet available, but results under GAAP are expected to include additional non-cash and infrequently occurring charges.

Finisar expects to release its full fiscal first-quarter results close on 5 September.

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