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JDS Uniphase Swings To 1Q Profit On Revenue, Margin Growth

DOW JONES NEWSWIRES JDS Uniphase Corp. (JDSU) swung to a fiscal first-quarter profit--its second in a row after a long string of losses--on strong revenue growth and the highest gross margin in five years. But shares slid 2.4% to $10.85 in after-hours trading as the broadband-products maker's revenue fell short of its guidance. The stock was up 35% this year as of the close on the company's improving performance. "We expect to continue growing the business as supply constraints ease in our Optical Communications and Test and Measurement businesses and we invest in incremental capacity for Optical Communications," said President and Chief Executive Tom Waechter. JDS--which makes products for telecommunications companies, cable operators and network-equipment manufacturers--swung posted its first profit in 2 1/2 years in the previous quarter on sharp revenue growth amid continued strength in its optical-component business. The company has boosted its market share with new products and two major acquisitions. For the quarter ended Oct. 2, JDS reported a profit of $100,000, compared with a year-earlier loss of $31.9 million, or 15 cents a share. Excluding items such as acquisition and restructuring costs, earnings surged to 20 cents from 4 cents. Analysts estimated 16 cents, according to a poll by Thomson Reuters. Revenue climbed 36% to $405.2 million. In August, JDS projected $410 million to $425 million. Gross margin rose to 42.8% from 39.3%. In the communications test and measurement segment, which provides 45% of the company's sales, revenue and profit climbed 28% and 21%, respectively. Revenue jumped 66% in the communications and commercial optical products segment, which is involved in telecom and cable television, and it swung to a profit. For the current quarter, JDS forecast revenue of $425 million to $450 million, while analysts on average estimated $433.8 million. -By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; kathy.shwiff@dowjones.com

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