Finisar Corporation (FNSR) gained seven percent in after-hours trading. That level surpassed the gain recorded at the end of the of trading day of six percent. FNSR Q2 reports beat analyst expectations and boosted FNSR's stock price. Finisar is a company that provides fiber optic solutions for the fiber channel, gigabit ethernet, and CATV markets. FNSR stock is up 135% on the year, with its current share price at US $33.41.
FNSR stock beat analyst expectations by US $0.12, reporting a Q2 earnings per share (EPS) of US $0.58 versus the estimate of US $0.46. Revenue produced by the firm also exceeded expectations, coming in at US $369.9 million versus the consensus estimate of US $361.99 million, according to StreetInsider.com.
Finisar Corporation (FNSR)
“I am pleased to announce that Finisar achieved all-time quarterly records for revenues and profits in our second quarter,” said Jerry Rawls, Finisar’s Chief Executive Officer, in a press release.
Rawls went on to say that revenues saw an increase of US $28.5 million, or 8.4% over the first quarter. This growth was driven by a strong demand for 100G transceivers. Customer demand for wavelength selective switches and ROADM line card products was also strong. Gross margins for FNSR improved significantly due to a favorable product mix and leverage achieved from vertical integration with larger volumes. The combination of revenues being higher along with higher gross margins resulted in earnings per fully diluted share above the guidance range.
We will continue to monitor the progress of FNSR.
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