Communications solutions provider JDS Uniphase Corp. (JDSU), Wednesday posted a loss for the first quarter, turning around from a profit last year, as revenues grew while operating costs increased. Nevertheless, adjusted earnings for the quarter improved from a year ago and came in ahead of analysts' estimates, as did revenues.
The Milpitas, California-based company reported first-quarter net loss of $9.7 million or $0.04 per share, compared with net income of $0.3 million or break even per share last year.
Adjusted net income for the quarter rose to $33.8 million or $0.14 per share from $30.2 million or $0.13 per share last year. On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter rose 1.1 percent to $433.6 million from $429.0 million a year ago. Analysts had a consensus revenue estimate of $416.7 million for the quarter.
Gross margins improved to 46.0 percent from 43.2 percent last year.
"JDSU's strategy to diversify in non-telecom markets drove a solid first quarter as we exceeded revenue and EPS guidance and saw sequential growth in solutions for the enterprise and commercial lasers markets," said Chief Executive Tom Waechter.
Moving ahead, the company expects second-quarter adjusted earnings of $0.15, plus or minus $0.03 and adjusted revenues to be $445 million, plus or minus $12 million. Analysts currently estimate earnings of $0.17 per share on revenues of $445.9 million for the quarter.
Last month, JDS Uniphase announced a plan to split itself into two publicly traded companies, with one business focusing on optical products and the other on networking.
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