Effects of floods push JDS Uniphase to 2Q loss

MILPITAS, Calif. (AP) ? JDS Uniphase Corp., which makes products for communications companies to test the quality of their networks, said Wednesday it lost money in the fiscal second quarter as flooding in Thailand hurt its production.

But its revenue and adjusted net income topped Wall Street’s expectations and its shares were up almost 7 percent in extended trading.

The company posted a loss of $10.2 million, or 4 cents per share, over the three months ended Dec. 31. A year ago JDS Uniphase reported a profit of $23.6 million, or 10 cents per share. Excluding one-time charges, the company said it earned 15 cents per share. Revenue fell 13 percent, to $412.8 million from $473.5 million.

Analysts expected the company to report a profit of 10 cents per share and $390.9 million in revenue, according to estimates compiled by FactSet.

In October, Thailand was hit by the worst flooding the country has seen in decades. The catastrophe hurt many tech companies with factories in the region.

However JDS Uniphase’s results were stronger than the company initially expected. In November, it said its total revenue would be between $375 million and $405 million, as the floods would cut quarterly revenue by $35 million to $45 million.

JDS Uniphase said its communications test and measurement revenue sank 15 percent to $196.2 million, and communications and commercial optical product revenue fell 15 percent to $163.2 million. Advanced optical technologies revenue decreased 2 percent to $53.7 million.

The company said it expects $410 million to $425 million in revenue in the fiscal third quarter, which ends in March. A year ago JDS Uniphase reported $454 million in revenue in the third quarter, and its forecast implies a decline of 6 to 10 percent. On average analysts are forecasting $418 million in revenue.

Shares of JDS Uniphase climbed 89 cents to $14.02 in aftermarket trading following the release of the earnings report. They had closed the regular trading session with a gain of 3.5 percent to $13.13.