JDS Uniphase Swings To Profit; Details Weak Outlook - Update

(RTTNews) - Communication equipment maker JDS Uniphase Corp. (JDSU), Tuesday reported a swing to profit in the fourth quarter, helped mostly by income tax gains. Revenue for the quarter slid three percent, hurt mainly by a decline at communications test and measurement segment, and higher research and restructuring costs.

JDS provided a weak revenue outlook for the first quarter, sending its shares down 4 percent in after-hours trade on the Nasdaq.

JDS provides communications test and measurement solutions, and optical products for telecommunications service providers, among others.

The Milpitas, California-based company posted quarterly net income of $92.5 million or $0.38 per share, compared to a net loss of $22 million or $0.10 per share last year.

Results for the quarter included an income tax benefit of $113 million related to the release of deferred tax valuation allowances for foreign jurisdictions.

Excluding items, adjusted earnings for the quarter were $30.4 million or $0.13 per share, compared with $35.4 million or $0.15 per share in the prior year.

On average, 13 analysts polled by Thomson Reuters estimated earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter slid 3 percent to $421 million from $434 million last year.

Fourteen analysts had a consensus revenue estimate of $430.59 million.

Operating expenses were higher at $196 million, compared with $181 million a year ago.

For the first quarter, the company expects adjusted revenue of $410 million to $430 million. Analysts currently expect revenue of $432.79 million for the quarter.

JDSU is trading at $14.78, down $0.02 or 0.14%, on a volume of 7.3 million shares on the Nasdaq. In after hours, the stock dropped $0.60 or 4.06%.