Finisar (FNSR) Misses Q2 EPS by 2c; Issues Light Outlook
Finisar (NASDAQ: FNSR) reported Q2 EPS of $0.23, $0.02 worse than the analyst estimate of $0.25. Revenue for the quarter came in at $297 million versus the consensus estimate of $311.9 million.
Finisar sees Q3 2014 EPS of $0.23-$0.27, versus the consensus of $0.28. Finisar sees Q3 2014 revenue of $297-312 million, versus the consensus of $323.85 million.
"Revenues for our second fiscal quarter were $297.0 million, an increase of $6.3 million compared to the second fiscal quarter of 2014, but a decrease of $30.7 million, or 9.4%, compared to the first fiscal quarter of fiscal 2015. The second quarter was challenging. During the quarter, we experienced decreased demand for telecom products compared to the prior fiscal quarter, due to sluggish carrier capital expenditures. In addition, sales of transceivers for wireless applications were soft as were sales to several datacom customers with lumpy order patterns," said Jerry Rawls, Finisar's executive Chairman of the Board.
"We remain confident in our industry leading market position and the long term growth potential for the industry. We expect revenue to grow sequentially in the third fiscal quarter, primarily driven by growth in the demand for 40 gigabit and 100 gigabit transceivers for datacom applications as well as transceivers for wireless applications," said Eitan Gertel, Finisar's Chief Executive Officer.
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