Finisar Q1 Profit Down, Outlook Weak; Shares Fall

(RTTNews) - Finisar Corp. (FNSR) Thursday reported first-quarter net income of $3.4 million or $0.03 per share, down from $14.2 million or $0.14 per share last year.

Excluding one-time items, adjusted earnings for the quarter declined to $24.5 million or $0.23 per share from $33.9 million or $0.32 per share last year. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped to $314.0 million from $327.6 million last year.

Looking forward to the second quarter, the company expects adjusted earnings of about $0.20 to $0.26 per share on revenues of $304 million to $324 million. Analysts currently estimate earnings of $0.28 per share on revenues of $328.0 million.