Oclaro Earnings: Here’s Why Investors are Selling Shares Now
Oclaro, Inc. (NASDAQ:OCLR) had a loss and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 5.49%.
Oclaro, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.33 in the quarter versus EPS of $-0.21 in the year-earlier quarter.
Revenue: Rose 30.31% to $136.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Oclaro, Inc. reported adjusted EPS loss of $0.33 per share. By that measure, the company beat the mean analyst estimate of $-0.36. It missed the average revenue estimate of $136.75 million.
Quoting Management: “While our fiscal fourth quarter results were in line with our expectations, the continued losses underscore the urgency of our turnaround plans. We remain focused on transforming Oclaro into a sustainable company that will deliver shareholder value over the long-term,” said Greg Dougherty, CEO, Oclaro. “Our successful sale of the Zurich Business demonstrates to our employees, customers and suppliers that we are taking deliberate action to create a stable future. With the resulting infusion of cash, we can now begin to take the necessary steps to begin to restructure the company. Our goal will be to focus Oclaro primarily on the optical communications market, and leverage our photonics innovation, vertical integration, and long-term customer relationships to return Oclaro to profitability.”
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