JDS Uniphase Misses 1Q Earnings - Analyst Blog
02 Maggio 2013 - 5:40PM
Zacks
Yesterday, after the closing bell,
JDS Uniphase Corp. (JDSU) declared disappointing
financial results for the third quarter of fiscal 2013, missing
both the top and bottom line of the Zacks Consensus Estimate.
Management cited lower-than-expected capital expenditure by telecom
carriers is the primary reason for this poor
performance.
Quarterly net revenues were $405.3
million, up 0.5% year over year but below the Zacks Consensus
Estimate of $418 million. On a GAAP basis, quarterly net loss from
continuing operations was $28 million or a loss of 12 cents per
share compared with a net loss of $16.2 million or 7 cents per
share in the year-ago quarter. However, quarterly adjusted
(excluding special items) earnings per share were 4 cents, missing
the Zacks Consensus Estimate of 6 cents.
Adjusted gross margin in the
reported quarter was 45.9% compared with 45.6% in the year-ago
quarter. In the reported quarter, operating expenses were $176.6
million, down 1.4% year over year. Quarterly adjusted operating
margin was 6.8% compared with 7.2% in the year-ago quarter.
Quarterly adjusted EBITDA was $44.6 million compared with $46.8
million in the year-ago quarter.
At the end of the third quarter of
fiscal 2013, JDS Uniphase had $608.1 million of cash &
marketable securities and $159.6 million of outstanding debt on its
balance sheet compared with $921.6 million of cash & marketable
securities and $292.8 million of outstanding debt on its balance
sheet at the end of fiscal 2012. JDS Uniphase generated $28.2
million of cash from operations in the reported quarter.
Revenue
Segments
In the third quarter of fiscal
2013, Communications Test and Measurement segment accounted for
$174.2 million of revenues, down 2% year over year. Communications
and Commercial Optical Products segment generated $179.2 million,
up 3.5% year over year. Within this segment, Optical Communications
revenues were $152.9 million, up 6.8% year over year and Commercial
Lasers business revenues were $26.3 million, down 12% year over
year. Optical Security and Performance segment generated the
remaining $51.9 million revenues, down 1% year over year.
Geographic
Segments
In the third quarter of fiscal
2013, the Americas segment accounted for 47.9% of the total
revenue, the EMEA segment generated 23.5% and the remaining 28.6 %
came from the Asia-Pacific region.
Future Financial
Outlook
For the fourth quarter of fiscal
2013, management expects the company’s revenues to be within the
range of $420 - $440 million.
Other Stocks to
Consider
Currently, JDS Uniphasehas a Zacks
Rank #3 (Hold). Other stocks in the industry which are performing
well include Corning Inc. (GLW), NICE
Systems Ltd. (NICE) and Paltronics Inc.
(PLT). While Corning currently has a Zacks Rank #1 (Strong Buy),
both NICE and Paltronics carry a Zacks Rank #2 (Buy).
CORNING INC (GLW): Free Stock Analysis Report
JDS UNIPHASE CP (JDSU): Free Stock Analysis Report
NICE SYSTEM-ADR (NICE): Free Stock Analysis Report
PLANTRONICS INC (PLT): Free Stock Analysis Report
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