LONDON, UK / ACCESSWIRE / September 27, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Finisar Corp. (NASDAQ: FNSR), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=FNSR, following the Company's announcement of its second quarter fiscal 2017 financial results on September 06, 2017. The Sunnyvale, California based fiber optic component supplier topped revenue estimates and met earnings expectations. The Company also provided guidance for the upcoming quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For its first fiscal quarter, ended July 30, 2017, Finisar's revenue totaled $341.81 million compared to revenue of $341.33 million for Q1 FY17, reflecting a decline of 4.4 attributed to a decline in telecom revenues as well as a decrease in 10G and below datacom transceivers. The Company's revenue numbers beat analysts' estimates of $341 million.
For Q1 FY18, Finisar recorded GAAP gross margin of 33.7% compared to GAAP gross margin of 31.7% in Q1 FY17. The Company's non-GAAP gross margin for the reported quarter was 34.9% compared to 36.2% in the year-ago comparable period. Interest and other income was approximately $2.4 million in Q1 FY18, while non-GAAP taxes were approximately $2.65 million.
Finisar's GAAP operating margin was 8.8% for Q1 FY18 compared to 8.3% in Q1 FY17. The Company's non-GAAP operating margin was 13.5% for the reported quarter compared to 12.8% in the year-earlier same quarter.
For Q1 FY18, Finisar reported GAAP net income of $19.86 million, or $0.17 per diluted share, compared to net income of $23.95 million, or $0.22 per diluted share, in Q1 FY17. The Company's non-GAAP income for the reported quarter per fully diluted share was $0.40 compared to $0.38 in the year-ago same period. Finisar's earnings met Wall Street's estimates of $0.40 per share.
Segment Results
During Q1 FY18, Finisar's sales of datacom products decreased by 3.1% compared to Q4 FY17 due to lower demand for its datacom products, primarily the Company's 10G and below transceivers, partially offset by an increase in sales of 100G QSFP28 transceivers for datacom applications.
For Q1 FY18, Finisar's sales of telecom products dropped 8.1% on a q-o-q basis. In the reported quarter, the Company has two customers providing more than 10% of revenue. Finisar's top 10 customers represented 62.5% of revenues compared to 58.9% in Q4 FY17.
Outlook
Finisar indicated that for the second quarter of fiscal 2018 it currently expects revenues in the range of $322 million to $342 million; non-GAAP gross margin in the band of approximately 33% to 34%; non-GAAP operating margin of approximately 10% and 11%; and non-GAAP earnings per fully diluted share in the band of approximately $0.27 to $0.33.
Finisar noted that by the end of the upcoming quarter, the Company expects its 100-gigabit, 200-gigabit coherent CFP2 ACO transceiver to be fully qualified by a key OEM customer that supplies into the Verizon Metro network. Additionally, in Q3 FY18, Finisar is expecting its ROADM line card to be qualified at this same customer.
Stock Performance
At the close of trading session on Tuesday, September 26, 2017, Finisar's stock price fell slightly by 0.33% to end the day at $20.88. A total volume of 1.73 million shares were exchanged during the session. The Company's shares are trading at a PE ratio of 9.80. At Tuesday's closing price, the stock's net capitalization stands at $2.36 billion.
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