Finisar, a global provider of subsystems and components for fibre optic communications, announced financial results for its third quarter of fiscal year 2017, ended January 29, 2017, as follows.
1. Revenue for the third quarter of 2017 of $380.59 million, up 2.9% compared with $369.86 million in the second quarter of fiscal 2017 and up 23.1% from $309.21 million in the third quarter of 2016.
2. Gross profit for the third quarter of $136.64 million, up 2.2% compared with $133.68 million in the second quarter of fiscal 2017 and up 55.8% from $87.74 million in the third quarter of 2016.
3. R&D expenditure for the third quarter of $54.59 million, up 2.6% compared with $53.24 million in the second quarter of fiscal 2017 and up 9.6% from $49.84 million in the third quarter of 2016.
4. SG&A expenditure for the third quarter of $26.33 million, down 2.3% compared with $26.94 million in the second quarter of fiscal 2017 and down 1.6% from $26.77 million in the third quarter of 2016.
5. Total operating expenditure for t
he third quarter of $81.73 million, up 1.5% compared with $80.53 million in the second quarter of fiscal 2017 and up 5.7% from $77.28 million in the third quarter of 2016.
6. On a GAAP basis, net income for the third quarter of $46.39 million, compared with net income of $48.76 million in the second quarter of fiscal 2017 and net income of $12.08 million in the third quarter of 2016.
On a non-GAAP basis, net income for the third quarter of $67.20 million, compared with net income of $65.15 million in the second quarter of fiscal 2017 and net income of $26.60 million in the third quarter of 2016.
7.Cash and cash equivalents as of January 31, 2017 of $240.59 million, compared with $282.96 million as at October 30, 2016 and $280.41 million as at July 31, 2016.
Additional results and notes
Finisar noted that in the third quarter, sales of datacom products increased by $7.3 million (2.8%) compared to the second quarter, due primarily to growth in demand for 100 Gbit/s transceivers, with sales of 100 Gbit/s transceivers for datacom applications up approximately 9% compared to the second quarter, and over 110% compared to the third quarter of the prior year.
Sales of telecom products in the third quarter increased by $3.5 million (3.2%) compared to the second quarter, based primarily on higher sales of wavelength selective switch and ROADM line card products, driven by demand from Chinese OEM customers.
Outlook
For the fourth quarter of fiscal 2017, Finisar currently expects revenue in the range $360 to $380 million, representing a sequential decline of 2.8% at the midpoint.
