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Finisar 3Q Profit More Than Triples; 4Q Forecast Weak

DOW JONES NEWSWIRES Finisar Corp.'s (FNSR) fiscal third-quarter earnings more than tripled, and adjusted results were in line with company estimates, as it benefited from sharply higher sales. The company also forecast current-quarter earnings of 31 cents to 35 cents a share on revenue of $235 million to $250 million. Analysts surveyed by Thomson Reuters expect 48 cents on $269 million. The weak forecast comes as Finisar said its fourth-quarter results will be impacted by price negotiations with its telecom customers that usually take effect Jan. 1, as well as a 10-day-long shutdown at certain customers for Chinese New Year in February and inventory adjustments. Shares of Finisar were halted after hours, but chief competitor Uniphase Corp. (JDSU) shares plunged 14% to $21.85 in after-hours action. Another optical company, Oclaro Inc. (OCLR), saw shares drop 13% to $14.50 after hours. The second-biggest fiber-optic equipment maker behind JDS has seen its results improve of late as revenue has surveyed amid what the company has called a "very strong" market environment. The company also has boosted its margins in recent quarters. For the quarter ended Jan. 30, Finisar reported a profit of $18.8 million, or 22 cents a share, up from $5.5 million, or 8 cents, a year earlier. Excluding items such as stock compensation, debt conversion expense and a litigation settlement, earnings were 47 cents, up from 17 cents. Revenue jumped 58% to $263 million. The company in December had forecast earnings of 45 cents to 47 cents on revenue of $247 million to $262 million, above analysts' views at the time. Gross margin rose to 32% from 31%. Finisar shares closed at $40.04 and have more than tripled in value in the past year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for Jds Uniphase (JDSU)
DateTimeHeadline
09/11/201416:57:39TECH STOCKS: JDSU, Pandora Lead Broad Tech Gains
09/11/201411:53:21TECH STOCKS: JDSU, Pandora Buck Tech's Weak Performance
09/11/201406:54:13MARKET SNAPSHOT: U.S. Stocks: Futures Pull Back; Jobless Claims...
05/28/201416:49:31TECH STOCKS: Twitter Rises As Other Tech Stocks Retreat
05/01/201411:11:09TECH STOCKS: JDS Uniphase Falls, But Yelp Rally Lifts Techs
12/12/201316:47:21TECH STOCKS: Ciena, Cisco, Facebook Highlight Mixed Tech Action
12/12/201314:29:50TECH STOCKS: Ciena Falls As Earnings Miss Estimates
11/15/201308:55:37Highbridge Capital Management 3Q 13F: Largest Eliminations
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Purchases
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Sales
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest -2-
11/15/201307:59:25Soros Fund Management 3Q 13F: Largest Purchases
11/15/201307:59:24Soros Fund Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:59:24Soros Fund Management 3Q 13F: Holdings As Of Sep -2-
11/15/201306:57:25Millennium Management 3Q 13F: Largest Eliminations
11/15/201306:57:17Millennium Management 3Q 13F: Largest Purchases
11/15/201306:57:17Millennium Management 3Q 13F: Largest Sales
11/15/201306:57:17Millennium Management 3Q 13F: Largest Eliminations -2-
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Largest Purchases -2-
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Holdings As Of Sep 30

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