chmcnfunds
12 years ago
Earnings Preview: JDS Uniphase Reports Results August 14
August 8, 2012
JDS Uniphase Corporation (JDSU) is scheduled to report its Q4 2012 results on August 14, 2012, after the bell. The street expects EPS and revenue of $0.12 and $423.51M, respectively.
In this article I will recap the historical results of the company, its latest EPS estimates vs. surprises, and the latest news from JDSU.
Recent EPS Actuals vs. Estimates
The company has met or beaten analysts' estimates in the last four quarters. In the last quarter it reported $0.11 EPS, in-line with analyst estimates.
The consensus EPS estimate is $0.12 based on 12 analysts' estimates, down from $0.23 a year ago. Revenue estimates are $423.51M, down from $472.30M a year ago. The median target price by analysts for the stock is $14.75.
Average recommendation: Overweight
Source: Marketwatch
Analyst Upgrades and Downgrades
On July 12, 2012, Needham initiated a Hold rating for the company.
On May 9, 2012, UBS upgraded the company from Neutral to Buy.
On March 27, 2012, MKM Partners initiated a Buy rating for the company.
Latest News
On May 2, 2012, JDS Uniphase Corporation announced that for the fourth quarter of 2012, it expects non-GAAP net revenue to be in the range of $415-$435 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $457 million for fourth quarter of 2012.
On March 6, 2012, JDS Uniphase Corporation announced that Infinera, a company in long-haul wavelength division multiplexing (WDM) optical networking technology, has selected the JDSU ONT 100G Tester Solution to help ensure the reliability of its new Multi-Terabit DTN-X platform.
Technical Overview
The stock has a market capitalization of $2.43B and is currently trading at $10.50 with a 52 week range of $8.47 - $15.17. The stock's year-to-date performance has been 0.57%. It is currently trading above 20- and 50-day SMAs, but below the 200-day SMA.
Sources: Yahoo Finance, Google Finance, Marketwatch, Finviz, Reuters.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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http://seekingalpha.com/article/792221-earnings-preview-jds-uniphase-reports-results-august-14?source=email_rt_mc_focus&ifp=0
JDSU
chmcnfunds
12 years ago
JDSU Introduces a Fiber Optic Test First: I-PMD™
Innovation Enables Network Operators to Conduct Critical Tests Without Disrupting Customer Service
MILPITAS, CA--(Marketwire - Jul 19, 2012) -
JDSU (NASDAQ: JDSU) (TSX: JDU) today introduced the first test solution that allows network operators to conduct critical fiber-optic network testing without disrupting customer service. Available on the T-BERD® /MTS-8000 field test platform, JDSU's In-Service PMD (I-PMD™) analyzer qualifies fiber-optic networks and tests polarization mode dispersion (PMD), a common impairment factor, without having to shut down links or re-route live traffic.
Measurement of PMD is critical as it impacts the speed with which data can be transmitted and causes issues such as increased bit error rate and packet loss. Unlike competing solutions that require extra equipment and traffic to be shut down or re-routed, JDSU's I-PMD can measure PMD inside live traffic streams without suspending voice, video and data services, reducing operating expenses while improving customer service.
JDSU's I-PMD was developed in collaboration with a leading U.S. tier-one telecommunication service provider. The I-PMD test analyzer can be placed anywhere in the network at any time and gathers data on PMD, in-band optical signal noise ratio and transmission problems. It simplifies fiber-optic network testing at a time when a growing number of high-bandwidth applications and the migration to 10G, 40G and 100G transmission speeds are adding network complexity.
"With new applications being delivered to customers every day, communication service providers are requiring a more sophisticated way to measure key performance metrics from live traffic in order to deliver the highest-caliber customer experience," said Enzo DiLuigi, vice president and general manager in JDSU's Communications Test and Measurement business segment. "JDSU's I-PMD solution quickly identifies risks to service degradation and outages, and virtually eliminates network downtime, which are top priorities for network service providers."
In addition to its unique capability to monitor a network without shutting it down, JDSU's I-PMD also captures all relevant data in a single snapshot, reducing the time it takes to troubleshoot an issue. I-PMD cuts the number of technicians required to troubleshoot a problem in half and reduces the number of test instruments for a technician to carry by three.
To learn more about JDSU's I-PMD test analyzer, watch a recent JDSU video blog demonstration from OFC 2012, or click here for information available on the JDSU website.
About JDSU
JDSU (NASDAQ: JDSU) (TSX: JDU) innovates and markets diverse technologies that enhance the way people experience the world every day. We enable fast, high-quality communications, secure financial transactions, reliable consumer electronics, green energy, differentiated brands and a host of other solutions. We provide these solutions through three business segments: Communications Test and Measurement, Communications and Commercial Optical Products, and Advanced Optical Technologies. To learn more about JDSU, please visit www.jdsu.com and www.jdsu.tv. Follow us on JDSU Perspectives, Twitter, Facebook and YouTube.
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http://www.marketwire.com/press-release/jdsu-introduces-a-fiber-optic-test-first-i-pmd-nasdaq-jdsu-1681803.htm
JDSU
chmcnfunds
12 years ago
JDSU Announces Fiscal 2012 Third Quarter Results
MILPITAS, CA--(Marketwire - May 2, 2012) - JDSU (NASDAQ: JDSU) (TSX: JDU)
GAAP and Non-GAAP Revenue of $409.2 million
GAAP Gross margin of 41.5%; Non-GAAP Gross margin of 45.5%
GAAP EPS of $(0.08); Non-GAAP EPS of $0.11
JDSU (NASDAQ: JDSU) (TSX: JDU) today reported results for its third fiscal quarter ended March 31, 2012.
On a GAAP basis, net revenue for the third fiscal quarter of 2012 was $409.2 million and net loss was $(17.4) million, or $(0.08) per share. This compares to net revenue of $412.8 million and net loss of $(10.2) million, or $(0.04) per share for the prior quarter, and net revenue of $454.0 million and net income of $38.6 million, or $0.16 per share for the third fiscal quarter of 2011.
On a non-GAAP basis, net revenue for the third fiscal quarter of 2012 was $409.2 million and net income was $25.3 million or $0.11 per share. This compares to non-GAAP net revenue of $413.1 million and net income of $35.8 million, or $0.15 per share for the prior quarter, and non-GAAP net revenue of $455.4 million and net income of $51.0 million, or $0.22 per share for the third fiscal quarter of 2011.
"Although we saw lower than expected revenue in the quarter due to later than anticipated carrier orders and global macro-economic uncertainty, I am pleased with the progress we made on our strategic priorities and bottom line results," said Tom Waechter, JDSU's President and Chief Executive Officer. "Our focus on operational execution led to operating margins at the high end of our guidance. We believe end-market drivers remain strong as our book to bill ratio exceeded 1 for the second consecutive quarter. Our differentiated products and solutions are well aligned with our customers' needs."
Financial Overview - Third Fiscal Quarter Ended March 31, 2012
All numbers in this section are non-GAAP unless stated otherwise.
Net revenue of $409.2 million decreased 0.9% compared to the prior quarter and decreased 10.1% compared to the third quarter of fiscal 2011.
Gross margin was 45.5% compared to 46.8% in the prior quarter and 47.6% in the third quarter of fiscal 2011.
Operating margin was 7.3% compared to 9.6% in the prior quarter and 12.1% in the third quarter of fiscal 2011.
Communications Test and Measurement revenue of $177.8 million decreased by 9.4% compared to the prior quarter and decreased 6.0% compared to the third quarter of fiscal 2011. Revenue from this segment represented 43.5% of total net revenue.
Communications and Commercial Optical Products revenue of $173.1 million increased 6.1% compared to the prior quarter and decreased 17.3% compared to the third quarter of fiscal 2011. Revenue from this segment represented 42.3% of total net revenue.
Optical Communications revenue of $143.2 million increased 3.7% compared to the prior quarter and decreased 22.5% compared to the third quarter of fiscal 2011.
Commercial Lasers revenue of $29.9 million increased 19.1% compared to the prior quarter and increased 21.1% compared to the third quarter of fiscal 2011.
Advanced Optical Technologies revenue of $58.3 million increased 8.6% compared to the prior quarter and increased 2.6% compared to the third quarter of fiscal 2011. Revenue from this segment represented 14.2% of total net revenue.
Americas' customers represented 47% of total net revenue for the quarter. EMEA and Asia-Pacific customers represented 25% and 28%, respectively, of total net revenue.
The Company held $749.8 million in total cash and investments and generated $13.2 million of cash from operations for the quarter ended March 31, 2012.
Business Outlook
For the fourth quarter of fiscal 2012, ending June 30, 2012, the Company expects non-GAAP net revenue to be in the range of $415 to $435 million.
Conference Call
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on May 2, 2012 in a live webcast, which will also be archived for replay on the Company's website at www.jdsu.com/investors. The Company will post and distribute slides outlining the Company's latest financial results concurrent with this earnings press release. They will be posted on www.jdsu.com/investors under the "Financial Information" section. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and is available at www.sec.gov.
About JDSU
JDSU (NASDAQ: JDSU) (TSX: JDU) innovates and markets diverse technologies that enhance the way people experience the world every day. We enable fast, high-quality communications, secure financial transactions, reliable consumer electronics, green energy, differentiated brands, and a host of other solutions. We provide these solutions through three business segments: Communications Test and Measurement, Communications and Commercial Optical Products, and Advanced Optical Technologies. More information is available at www.jdsu.com.
Forward-Looking Statements
This press release contains, and the discussions in our subsequent conference call will contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include: (i) any anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, cash flow and other financial metrics; and (ii) the Company's beliefs regarding the purpose, usefulness and efficacy of non-GAAP results and the measures and items the Company includes in the same, as well as any benefits to investors the Company believes its non-GAAP measures provide. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company's ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines exacerbated by continued credit and financial market uncertainty, as well as the migration to vendor managed inventory programs; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin range across our portfolio; (c) consolidation of our customer base, which, in the shorter term limits demand visibility, and, in the longer term, could reduce our business potential; (d) average selling prices continue to decline across our businesses; (e) our Communications Test and Measurement business experiences notable seasonality and a significant level of in-quarter book-and-ship business, further limiting our forecasting abilities; (f) we are currently engaged in various product and manufacturing transfers, site consolidations and product discontinuances, which has caused and may cause short term disruptions; and (g) the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand.
For more information on these and other risks affecting the Company's business, please refer to the "Risk Factors" section included in the Company's Annual Report on Form 10-K for the fiscal year ended July 2, 2011 filed with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
-SELECTED FINANCIAL DATA -
JDS UNIPHASE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
March 31, April 2, March 31, April 2,
2012 2011 2012 2011
Net revenue $ 409.2 $ 454.0 $ 1,242.8 $ 1,332.7
Cost of sales 225.4 240.0 671.7 703.4
Amortization of acquired technologies 14.1 14.3 43.8 42.5
Gross profit 169.7 199.7 527.3 586.8
Operating expenses:
Research and development 62.5 60.6 181.7 177.2
Selling, general and administrative 105.3 110.9 322.5 327.6
Amortization of other intangibles 7.5 8.0 21.6 24.6
Restructuring and related charges 2.0 7.6 7.5 10.4
Total operating expenses 177.3 187.1 533.3 539.8
(Loss) income from operations (7.6 ) 12.6 (6.0 ) 47.0
Interest and other income (expense), net 0.1 - 0.9 1.8
Interest expense (6.9 ) (6.2 ) (20.1 ) (18.9 )
Gain on sale of investments 0.1 0.1 1.3 3.4
(Loss) income before income taxes (14.3 ) 6.5 (23.9 ) 33.3
Provision for (benefit from) income taxes 3.1 (32.1 ) 9.5 (29.0 )
Net (loss) income $ (17.4 ) $ 38.6 $ (33.4 ) $ 62.3
Net (loss) income per share from:
Basic $ (0.08 ) $ 0.17 $ (0.15 ) $ 0.28
Diluted $ (0.08 ) $ 0.16 $ (0.15 ) $ 0.27
Shares used in per share calculation:
Basic 230.6 225.6 229.5 223.4
Diluted 230.6 235.4 229.5 231.1
JDS UNIPHASE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
March 31, July 2,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 414.0 $ 395.4
Short-term investments 303.2 297.4
Restricted cash 32.6 35.9
Accounts receivable, net 300.1 334.0
Inventories, net 192.1 171.2
Prepayments and other current assets 74.2 70.2
Total current assets 1,316.2 1,304.1
Property, plant and equipment, net 259.1 248.9
Goodwill 69.1 67.4
Intangible assets, net 220.9 275.4
Long-term investments 1.3 2.9
Other non-current assets 53.4 52.0
Total assets $ 1,920.0 $ 1,950.7
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 127.7 $ 145.4
Accrued payroll and related expenses 56.6 76.7
Income taxes payable 20.8 21.5
Deferred revenue 88.0 83.5
Accrued expenses 50.1 50.5
Other current liabilities 33.9 41.0
Total current liabilities 377.1 418.6
Long-term debt 300.8 285.8
Other non-current liabilities 170.9 180.9
Total stockholders' equity 1,071.2 1,065.4
Total liabilities and stockholders' equity $ 1,920.0 $ 1,950.7
JDS UNIPHASE CORPORATION
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
Three Months Ended Nine Months Ended
March 31, April 2, March 31, April 2,
2012 2011 2012 2011
Net revenue:
Communications Test and Measurement $ 177.8 $ 189.2 $ 559.2 $ 603.4
Communications and Commercial Optical Products 173.1 209.4 516.6 568.5
Advanced Optical Technologies 58.3 56.8 167.6 172.0
Deferred revenue related to purchase accounting adjustment - (1.4 ) (0.6 ) (11.2 )
Net revenue $ 409.2 $ 454.0 $ 1,242.8 $ 1,332.7
Operating income (loss):
Communications Test and Measurement $ 20.1 $ 22.6 $ 72.2 $ 89.0
Communications and Commercial Optical Products 14.1 39.6 56.3 97.8
Advanced Optical Technologies 19.3 17.9 53.2 57.7
Corporate (23.6 ) (25.1 ) (66.2 ) (72.0 )
Total segment operating income 29.9 55.0 115.5 172.5
Unallocated amounts:
Stock-based compensation (13.4 ) (10.9 ) (37.5 ) (29.9 )
Acquisition-related charges and amortization of intangibles (21.6 ) (23.7 ) (66.0 ) (78.4 )
Loss on disposal of long-lived assets (0.2 ) (0.2 ) (0.9 ) (0.2 )
Restructuring and related charges (2.0 ) (7.6 ) (7.5 ) (10.4 )
Realignment and other charges (0.3 ) - (9.6 ) (6.6 )
Interest and other income 0.1 - 0.9 1.8
Interest expense (6.9 ) (6.2 ) (20.1 ) (18.9 )
Gain on sale of investments 0.1 0.1 1.3 3.4
(Loss) income from continuing operations before income taxes $ (14.3 ) $ 6.5 $ (23.9 ) $ 33.3
Use of Non-GAAP (Adjusted) Financial Measures
The Company provides non-GAAP net revenue, non-GAAP net income (loss) and non-GAAP net income (loss) per share financial measures as supplemental information regarding the Company's operational performance. The Company evaluates Company-wide segment performance using, among other things, the measures disclosed in this release for the purposes of evaluating the Company's historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company's core operating performance. The Company believes its "core operating performance" represents the Company's performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from "core operating performance" those items, such as those relating to restructuring, investing, stock-based compensation expense and non-cash activities that management does not believe are reflective of such ordinary, ongoing and customary course activities.
The Company believes that providing this information to its investors, in addition to the GAAP presentation, allows investors to see Company results "through the eyes" of management. The Company further believes that providing this information allows Company investors to both better understand the Company's financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.
The non-GAAP adjustments described in this release have historically been excluded by the Company from its non-GAAP measures. The non-GAAP adjustments, and the basis for excluding them, are outlined below.
Revenue from acquisition related deferred revenue: The Company excludes the fair value adjustment to acquisition related deferred revenue when calculating non-GAAP revenue. The Company believes that the non-GAAP revenue provides useful information for the investors as they review for underlying trends in the business and facilitate the investors' comparisons of the Company's revenue performance with prior and future periods and to the Company's peers.
Cost of sales, costs of research and development and costs of selling, general and administrative: The Company has incurred periodic expenses, included in its GAAP presentation of gross margin and operating expenses that may include (i) additional depreciation from changes in estimated useful life and the write-down of certain property and equipment that has been identified for disposal but remained in use until the date of disposal, (ii) workforce related charges such as severance, retention bonuses and employee relocation costs related to a formal restructuring plan, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation under authoritative guidance, (v) other non-recurring charges comprising mainly of incremental costs as a result of flooding in Thailand at one of our manufacturing partners, Fabrinet, one-time acquisition, integration, litigation contingency and other costs. The Company excludes these items for the purposes of calculating non-GAAP net income (loss) and non-GAAP net income (loss) per share. The Company believes that the impact of these items does not reflect expected future gross profits or operating expenses nor does the Company believe that they provide a meaningful evaluation of current versus past core operational performance.
Gain or loss on sale of available for-sale investments and impairment of investments: The Company has sold investments or adjusted the value of investments from time to time based on market conditions. The Company's activities in this respect are included in the Company's GAAP presentation of net income (loss) and net income (loss) per share. The Company's core business does not include making financial investments in third parties, and such investments do not constitute a material portion of the Company's assets. Moreover, the amount and timing of gains and losses and adjustments to the value of investments are unpredictable. Consequently, the Company believes that gains or losses on these sales and adjustments to the value of investments are not related to the ongoing core business and operating performance of the Company. The Company excludes these items for the purposes of calculating non-GAAP net income (loss) and non-GAAP net income (loss) per share. The Company believes this GAAP measure is not indicative of the Company's "core operating performance".
Amortization of intangibles from acquisitions: The Company records amortization expense related to intangibles. These expenses are included in its GAAP presentation of cost of sales and operating expense, related to the various acquisitions it has made. The Company excludes these items for the purposes of calculating non-GAAP net income (loss) and non-GAAP net income (loss) per share. The Company believes that eliminating this expense from operating income is useful to investors because it believes the GAAP measure, alone, is not indicative of its "core operating performance" on cost of sales and operating expenses.
Non-cash interest expense: The Company incurs non-cash interest expense accounted for under the authoritative guidance on convertible debt instruments, which requires to separately account for the liability (debt) and equity (conversion option) components of such instruments. The Company believes that eliminating this item for the purposes of calculating non-GAAP net income (loss) and non-GAAP net income (loss) per share, is useful to investors. The Company describes the impact of this guidance, in its fiscal 2011 annual report on Form 10-K. The Company believes this GAAP measure is not indicative of its "core operating performance".
Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP net income (loss) is net income (loss). The GAAP measure most directly comparable to non-GAAP net income (loss) per share is net income (loss) per share. The Company believes that these GAAP measures alone are not indicative of its core operating expenses and performance.
The following tables reconcile GAAP measures to non-GAAP measures:
JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in millions, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
March 31, April 2, March 31, April 2,
2012 2011 2012 2011
Net income (loss) Diluted
EPS Net income (loss) Diluted
EPS Net income (loss) Diluted
EPS Net income (loss) Diluted
EPS
GAAP measures $ (17.4 ) $ (0.08 ) $ 38.6 $ 0.16 $ (33.4 ) $ (0.15 ) $ 62.3 $ 0.27
Items reconciling GAAP net (loss) income & EPS to Non-GAAP net income & EPS:
Related to net revenues:
Deferral of revenues related to purchase accounting - - 1.4 0.00 0.6 - 11.2 0.05
Related to cost of sales:
Stock-based compensation expenses 2.2 0.01 1.5 - 5.5 0.02 4.0 0.02
Other non-recurring charges - - - - 1.2 0.01 0.4 0.00
Amortization of acquired developed technologies 14.1 0.06 14.3 0.06 43.8 0.19 42.5 0.18
Total related to gross profit 16.3 0.07 17.2 0.06 51.1 0.22 58.1 0.25
Related to operating expenses:
Research and development:
Stock-based compensation expenses 3.1 0.02 2.4 0.01 8.8 0.04 6.3 0.03
Other non-recurring charges - - - - - - 0.2 0.00
Selling, general and administrative:
Stock-based compensation expenses 8.1 0.04 7.0 0.03 23.2 0.10 19.6 0.08
Other non-recurring charges 0.3 - - - 8.4 0.04 6.1 0.03
Amortization of intangibles 7.5 0.03 8.0 0.03 21.6 0.09 24.6 0.10
Loss on disposal of long-lived assets 0.2 - 0.2 0.01 0.9 - 0.20 -
Restructuring and related charges 2.0 0.01 7.6 0.03 7.5 0.03 10.4 0.05
Total related to operating expenses 21.2 0.10 25.2 0.12 70.4 0.30 67.4 0.29
Interest and other income (expense), net 0.3 - 0.2 0.01 0.3 - (0.7 ) 0.00
Non-cash interest expense 5.0 0.02 4.8 0.02 14.9 0.07 14.0 0.06
(Gain) on sale of investments (0.1 ) - (0.1 ) - (1.3 ) - (3.4 ) (0.02 )
(Benefit) provision for income taxes - - (34.9 ) (0.15 ) - - (34.9 ) (0.15 )
Total related to net income & EPS 42.7 0.19 12.4 0.06 135.4 0.59 100.5 0.43
Non-GAAP measures $ 25.3 $ 0.11 $ 51.0 $ 0.22 $ 102.0 $ 0.44 $ 162.8 $ 0.70
Note: Certain totals may not add due to rounding
JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP NET REVENUE TO NON-GAAP NET REVENUE
(in millions, unaudited)
Three Months Ended Nine Months Ended
March 31, April 2, March 31, April 2,
2012 2011 2012 2011
GAAP net revenue $ 409.2 $ 454.0 $ 1,242.8 $ 1,332.7
Deferral of revenues related to purchase accounting adjustment - 1.4 0.6 11.2
Non-GAAP net revenue $ 409.2 $ 455.4 $ 1,243.4 $ 1,343.9
Contact Information
Contact Information
Investors:
Cherryl Valenzuela
408-546-4521
cherryl.valenzuela@jdsu.com
Press:
Jim Monroe
240-404-1922
jim.monroe@jdsu.com
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http://www.marketwire.com/press-release/jdsu-announces-fiscal-2012-third-quarter-results-nasdaq-jdsu-1652010.htm
JDSU
chmcnfunds
12 years ago
JDSU's Post-Earnings Trading Pattern Sets Up Plays For Longs And Shorts
November 1, 2011
JDSU (JDSU) is due to report its Q1 results after the bell tonight, and analysts polled by Thomson Reuters are expecting the company to post revenue of $415 million and a profit of $0.13 per share.
JDSU is one to watch for potential next-day wider movement as the stock has seen more aggressive next-day action following 24 of its last 31 after-hours earnings events, or about 77% of the time. The stock adds to its evening trade in next-day action regardless of whether its up or down in the after-hours, offering both longs and shorts solid opportunities to play the shares.
The near-term performance favors widening, as the issue has expanded its after-hours move in next-day regular session trade in six of the last eight quarters.
On Aug. 17, 2011, JDSU dropped 3.5% in after-hours trading after meeting Q4 earnings estimates but also setting its Q1 outlook below expectations. The stock was hammered lower the next day, closing the Aug. 18 regular session.
On May 4, 2011, JDSU jumped 9.5% in night trading after beating Q3 estimates and setting its Q4 guidance in a range that straddled the Street view. The stock narrowed its upside the following day, closing the May 5 regular session up 6.9%.
On Feb. 3, 2011, JDSU soared 18.1% in after-hours trading after reporting better-than-expected results and guidance. The stock added to its upside the following day, closing the Feb. 4 regular session up 26.9%.
On Nov. 4, 2010, JDSU dropped 2.8% in evening trading after missing Q1 revenue estimates, beating on earnings and setting in line guidance. The stock reversed direction the following day, ending the Nov. 5 regular session up 2.5%.
On Aug. 25, 2010, JDSU declined 3.6% in after-hours action after missing revenue expectations, beating on EPS, and setting Q4 revenue guidance above the Street view. The stock headed lower the following day, closing the Aug. 26 regular session down 4.7%.
On May 5, 2010, JDSU declined 7.5% in evening trading after coming in shy of Q3 revenue expectations. The stock was hammered lower the next day, closing the May 6 regular session down 20.1%.
On Feb. 2, 2010, JDSU firmed 3.2% in after-hours action after reporting better-than-expected results and guidance. The stock added to its upside the following day, closing the Feb. 3 regular session up 4%.
On Nov. 5, 2009, JDSU advanced 4.1% in after-hours trading after reporting better-than-expected results and guidance. The stock added to its gains the following day, ending the Nov. 6 regular session up 6.4%.
On Aug. 19, 2009, JDSU slipped 0.7% in evening trading after coming in shy of revenue expectations but beating the Street's loss expectations and issuing guidance that straddled analyst estimates. The stock turned higher the following day, ending the Aug. 20 regular session up 8.1%.
On April 29, 2009, JDSU shed 12.9% in after-hours action after missing Q3 revenue expectations and setting its Q4 guidance below the Street view. The stock tumbled further the following day, losing 17.2% in the April 30 regular session.
On Feb. 5, 2009, JDSU declined 7% in after-hours trading after missing revenue expectations and setting its guidance below the Street view. It cut its downside slightly the following regular session, closing with a 6.5% decline.
On Oct. 29, 2008, the stock fell 5% after it beat with Q1 earnings but set its Q2 revenue view well below the Street's estimate. The loss extended to 8.5% the next day.
On Aug. 20, 2008, the stock dropped 10.2% during evening trading after a Q4 miss and Q1 revenue guidance below the Street view. The loss expanded to 12.4% the next day.
On April 30, 2008, the stock lost 9.8% in evening trading after reporting a Q3 revenue miss and guiding below the Street for Q4. The loss fattened to 16.1% by the closing bell the next day.
On Feb. 5, 2008, the stock jumped 19.6% as JDSU beat with Q2 results. The gain expanded the next day to 26%.
On Oct. 31, 2007, the stock fell 1.7% in evening trading despite a beat with the latest results; revenue guidance straddled the Street mean. The loss widened to 3.9% the next day.
On Aug 22, 2007, JDSU gained 3% in night trading after beating Q4 estimates and guiding for Q1 to be in line to above expectations. Shares, though, reversed course and closed the next day session down 5%.
On May 2, 2007, the stock fell 9.8% after the company beat with sales but guided below the Street. The loss was a deeper 13.8% the next day.
On Jan. 31, 2007, JDSU slipped 2.3% in the evening session despite swinging to a Q2 profit that topped Street views. Shares fell even further the next day, closing the regular session down 6%.
On Nov. 2, 2006, JDSU advanced 5.6% in after-hours trading following better-than-expected earnings results. Buyers piled into the issue the next day, goosing the stock to a 16.1% rise by the closing bell.
On Aug. 30, 2006, the stock skidded 14.4% in the night session following quarterly results that showed the company met on Q4 EPS, beat on revenue but guided for Q3 revs below the Street view. The loss increased to 16.6% the next day.
On May 3, 2006, shares fell 6% in night trading after the company reported in line with breakeven earnings but guided for revenue in a range that could disappoint. The loss increased to 6.8% the next day.
On February 1, 2006, JDSU slipped 3.8% in after hours when the company matched Q2 sales estimates and forecast Q3 sales in line with expectations. The shares trimmed their losses the next day, ending the regular session down 3.1%.
On November 9, 2005, JDSU dipped 0.4% in evening trading despite topping Q1 sales estimates, matching loss expectations and forecasting Q2 sales above Street targets. Despite a solid report, the shares fell further, ending the next day session down 4.2%.
On Sept. 1, 2005, JDSU slipped 3.2% despite topping Q1 and full-year sales estimates and guiding Q1 above the Street. It found more support in the Sept. 2 regular session, edging down 0.6%.
On April 27, 2005, JDSU slid 6% after hours after posting a Q3 non-GAAP loss, topping sales estimates, and guiding Q4 sales in line. It widened that loss in the April 28 regular session, plunging 9.7%.
JDSU shed 6.9% the night of Jan. 26, 2005, after the company reported in-line Q2 results but guided its Q3 sales below the Street view. The stock recorded more aggressive downside momentum the next day, losing 8.5% by the Jan. 27 closing bell.
JDSU was hit for an 9.1% decline the night of Oct. 27, 2004, after reporting Q1 revenue ahead of expectations but issuing Q2 guidance that fell short of current Street estimates. The stock slid a more pronounced 10.5% in the Oct. 28 regular session.
On July 28, 2004, JDSU jumped 7.6% in after-hours trading after beating expectations and boosting its guidance. The stock ramped up 14.6% by the close of the July 29 regular session.
JDSU slipped 6.7% the night of April 28, 2004 after the company topped the Street view but guided lower. It was hit for deeper declines the next day, swooning 15.8% by the closing bell.
On Jan. 28, 2004 JDSU edged down 1.7% in night trading following better-than-expected earnings results. It eked out a 1.9% decline by the close of the Jan. 29 regular session.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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http://seekingalpha.com/article/304059-jdsu-s-post-earnings-trading-pattern-sets-up-plays-for-longs-and-shorts?source=email_rt_article&ifp=0
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