JDSU's revenues slide in 1Q13
JDSU (NASDAQ: JDSU) (TSX: JDU) reported that revenues for the first fiscal quarter of 2013, ended September 29, 2012, reduced sequentially by about $13 million. Nevertheless, Tom Waechter, JDSU's president and CEO, described the company’s performance during the quarter as “solid.”
JDSU (NASDAQ: JDSU) (TSX: JDU) reported that revenues for the first fiscal quarter of 2013, ended September 29, 2012, shrank sequentially by about $13 million. Nevertheless, Tom Waechter, JDSU's president and CEO, described the company’s performance during the quarter as “solid.”
The company’s GAAP net revenue for 1Q12 was $420.9 million, down from $434.0 million in the fourth quarter of 2012 but up from the $415.8 million earned during the year-ago quarter. GAAP net loss was $11.6 million ($0.05 per share), an improvement over the previous quarter’s net loss of $22.2 million ($0.10 per share) but worse than the net loss of $5.8 million ($0.03 per share) of 1Q12.
Non-GAAP net revenue for the quarter also was $420.9 million, while non-GAAP net income was $35.0 million ($0.15 per share).
GAAP gross margin was 41% versus 41.8% in the previous quarter and 43.7% during the same quarter of fiscal 2012.
“Our solid fiscal Q1 results reflect JDSU's ability to deliver to its commitments even during periods of economic uncertainty," Waechter said in a press release. "Communications service providers continue to spend cautiously due to macro-economic and geo-political concerns. Because of this uncertain climate, we are not projecting the calendar year-end budget release that frequently occurs in the telecom industry.”
Nevertheless, the company gives itself some hope for growth in the fiscal second quarter, ending December 29, 2012. It guided non-GAAP net revenue to be between $410 million and $430 million.
“Looking forward, we are encouraged by the relentless broadband demand that remains a powerful driver for JDSU's core business,” Waechter continued. “Our ability to differentiate through product innovation, evolve our variable cost model, and maintain a robust balance sheet means that we are well positioned to capitalize on future growth opportunities as the gap closes between demand and actual spending by our core network customers."
Within JDSU’s various operating segments, revenues for its test business declined 13.6% sequentially to $169.5 million. Conversely, revenues from its Communications and Commercial Optical Products unit grew 5.4% sequentially to $194.9 million. Within the unit, its optical communications products revenues grew 4.9% versus the previous quarter to $163.0 million.
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