FTTx equipment developer Calix, Inc. (NYSE: CALX) announced Wednesday, January 8, that it will report its fourth quarter and 2013 fiscal year results on February 11 after the market closes. The news won't be good, as Calix also revealed that it would miss its 4Q13 revenue and non-GAAP earnings per share guidance.
Calix management said during the company’s October 29 third quarter earnings call that they expected 2013’s final quarter to result in revenue between $97 million and $103 million and non-GAAP earnings between $0.03 and $0.08 cents per share. However, the company now says it likely will report revenue of around $93.5million to $94.5 million and non-GAAP earnings of $0.02 to $0.04 cents per share.
The tepid nature of the usual end-of-year budget flush accounts for the shortfalls, company management said. In a note issued this morning, Raymond James analyst Simon Leopold theorizes the weaker than expected results highlights the company’s exposure to smaller, under-funded carriers. He nevertheless maintained his “Market Perform” rating of the company.
The reduced figures would still represent a year-on-year revenue increase over 4Q12, when Calix reported $91.4 million in revenue and non-GAAP earnings of $0.06 per share. Investors were still unhappy, and Calix stock on the NYSE dropped $0.95 (-10.28%) to $8.29 by the end of trading today.
For more information on FTTx equipment and suppliers, visit the Lightwave Buyer’s Guide.
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