Finisar Corp. (NASDAQ: FNSR) looks like it is holding up rather well against what is not at all a good earnings report. The optical subsystems and components maker reported $0.12 in earnings per share on sales of $220.5 million. On a net basis (or GAAP) its loss was -$0.07 per share for the quarter. Thomson Reuters had estimates on an adjusted basis of $0.14 per share and $226.28 million in sales.
For the next quarter, the company's guidance is as follows: "The Company currently expects revenues for the second quarter of fiscal 2013 to be in the range of $225 to $240 million; GAAP operating margin to in the range of approximately 0.0% to 1.5%; non-GAAP operating margin to be in the range of approximately 5.7% to 7.2% and non-GAAP earnings per diluted share to be in the range of approximately $0.12 to $0.16." Thomson Reuters has estimates of $0.19 in earnings per share and $236.22 million in sales.
The company referred to the quarter as being an expected weak quarter with two fewer shipping days than the prior quarter, but it blamed the weakness seen in Europe as well as the slowing of economic growth in China. The drop in sales was more than 8%. After completing an acquisition of RED-C Optical Networks for a total of $23.7, Finisar's cash balance was $220.4 million at the end of the first quarter.
Finisar shares closed down 1.6% at $13.52 and the stock is down around $13.45 in the after-hours session after this one is already down so much from its highs. To show just how rough it has been here, the 52-week trading range is $11.24 to $23.50.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Earnings, Technology