How Oclaro Inc. Shares Fell 24% Today
Shares of Oclaro (NASDAQ: OCLR) crashed in Thursday's trading session, tripped by a solid first-quarter earnings report that came with a side of disappointing guidance targets. As of 12:35 p.m. EDT, share prices had fallen 24.4% on massive trading volumes.
The optical-components maker saw first-quarter sales rising 15% year over year, landing at $155.6 million and exceeding Wall Street's consensus projection by $1.3 million. On the bottom line, adjusted earnings jumped 43% higher to stop at $0.20 per diluted share. Here, analysts would have settled for $0.18 per share. So far, so good.
Looking ahead, management sees "choppiness" in key markets such as China and the global data center segment. Sales in the second quarter of fiscal year 2018 should land near $137 million, and adjusted operating profits are headed toward a 15% margin, or roughly $21 million. In the year-ago period, Oclaro recorded non-GAAP operating profits of $33.4 million on $153.9 million in revenue.
Source: Fool.com
