Finisar Corporation (FNSR) has reported an 896.37 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $130.24 million, or $1.13 a share in the quarter, compared with $13.07 million, or $0.12 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $57.52 million, or $0.50 a share compared with $31.82 million or $0.29 a share, a year ago.
Revenue during the quarter grew 12.15 percent to $357.53 million from $318.79 million in the previous year period. Gross margin for the quarter expanded 664 basis points over the previous year period to 35.01 percent. Total expenses were 88.58 percent of quarterly revenues, down from 95.57 percent for the same period last year. This has led to an improvement of 699 basis points in operating margin to 11.42 percent.
Operating income for the quarter was $40.84 million, compared with $14.14 million in the previous year period.
However, the adjusted operating income for the quarter stood at $58.41 million compared to $31.24 million in the prior year period. At the same time, adjusted operating margin improved 654 basis points in the quarter to 16.34 percent from 9.80 percent in the last year period.
"Revenues for fiscal 2017, were $1.449 billion, an all-time record for Finisar and an increase of $186.1 million, or 14.7%, over fiscal 2016. Despite continued robust demand in our fourth fiscal quarter for our 100G QSFP28 transceivers for datacenter applications, which grew over 30% over the third quarter, our overall revenues were $357.5 million, a decrease of $23.1 million, or 6.1%, compared to the third quarter. This decline was primarily the result of a decline in telecom revenues due to lower revenues from our Chinese OEM customers and the impact of the full three months of the annual telecom price erosion," said Jerry Rawls, Finisar's chief executive officer.
For the first-quarter 2018, Finisar Corporation forecasts revenue to be in the range of $330 million to $350 million. The company forecasts adjusted operating income to grow at 14 percent. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.37 to $0.43.
Debt increases substantially
Finisar Corporation has witnessed an increase in total debt over the last one year. It stood at $707.78 million as on Apr. 30, 2017, up 208.55 percent or $478.39 million from $229.39 million on May 01, 2016. Finisar Corporation has witnessed an increase in long-term debt over the last one year. It stood at $707.78 million as on Apr. 30, 2017, up 208.55 percent or $478.39 million from $229.39 million on May 01, 2016. Interest coverage ratio deteriorated to 4.56 for the quarter from 4.69 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
