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JDSU reduces loss in fiscal Q1

Fri, 11/06/2009 - 7:35am
The Associated Press

MILPITAS, Calif. (AP) – JDSU Corp. said Thursday its fiscal first-quarter loss narrowed as demand for the company's communications equipment rose from fourth-quarter levels.

The company also issued second-quarter sales guidance well ahead of Wall Street expectations.

For the three months ended Oct. 3, the company lost $31.9 million, or 15 cents per share, compared with a loss in the year-earlier period of $21.3 million, or 10 cents per share. Excluding one-time items, JDSU earned $9 million, or 4 cents per share, matching analysts' expectations, according to a Thomson Reuters poll.

Sales declined to $297.8 million from $377.2 million in the first quarter of fiscal 2009, but sales rose from $273.1 million in the July quarter. Analysts expected revenue of $291.8 million.

"Our fiscal first-quarter results represent growth across all of our business segments, providing clear evidence of improving demand from our customers," said CEO Tom Waechter.

JDSU also issued initial revenue guidance for the second quarter, ending Jan. 2, between $320 million and $345 million – well above Wall Street's $306.1 million average estimate.

In after-market trading, the stock rose 33 cents, or 5.4 percent, to $6.40, having closed earlier up 5 percent at $6.07.

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