22 October 2015

Oclaro reports better-than-expected preliminary quarterly results

In preliminary results for fiscal first-quarter 2016 (ended 26 September 2015), Oclaro Inc of San Jose, CA, USA (which provides components, modules and subsystems for optical communications) says that, compared with its guidance provided on 4 August, it now expects revenue of about $87.5m, at the high end of the forecast range of $82-88m (and up 6.5% on $82.2m last quarter, although still down on $89.2m a year ago).

"The preliminary results that we are reporting today reflect strong growth in our 100G product portfolio," says CEO Greg Dougherty. "In addition, we saw higher-than-expected revenues for our 10G and 40G products, coupled with a much more favorable product mix, resulting in gross margin exceeding our prior guidance," he adds. 

Gross margin (on a non-GAAP basis) should be 26-27%, above the high end of the forecasted 18-22% (and up from 19.9% last quarter and 16.5% a year ago).

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) should be $4-4.5m, much better than the forecasted range of between negative $3m and breakeven (and compared with -$1.2m last quarter and -$8.9m a year ago).

During the quarter, cash, cash equivalents, restricted cash and short-term investments fell from $115.1m to $107.7m.

The preliminary, unaudited results are based on management's initial review of operations for the quarter and remain subject to completion of the firm's standard quarterly accounting close process. Oclaro will announce full results on 3 November.

See related items:

Oclaro's CFP 100G client-side transceiver capacity expansion compensates for drop in 40G telecom sales

Oclaro's revenue constrained by 100G client-side CFP and CFP2 module capacity

Oclaro's core communications revenue grows 4% quarter-to-quarter

Oclaro's quarterly revenue dips while China digests CFP/CFP2 100G shipments

Tags: Oclaro

Visit: www.oclaro.com