JDS Uniphase 4Q beats Street; outlook dampens view

MILPITAS, Calif. (AP) ? Communications equipment maker JDS Uniphase Corp. said Wednesday that its fourth-quarter net income rose as revenue grew. But its outlook for the current quarter disappointed analysts and its shares fell.

Net income in the three months through July 2 grew to $9.3 million, or 4 cents per share, from $1.5 million, or a penny per share, a year ago.

Excluding items such as stock-based compensation expenses and the amortization of intangibles, adjusted earnings came to 23 cents per share, beating the 22 cents per share expected by analysts polled by FactSet.

Revenue rose 21 percent to $471.8 million from $390.9 million, also beating the $466.2 million expected by analysts.

The company said it expects adjusted net revenue in the first quarter to be $400 million to $425 million, far short of the $471.1 million expected by analysts.

CEO Tom Waechter said in a statement that the company is seeing “macro-economic challenges and inventory corrections which we believe will be short-term in nature, as the end-market drivers remain strong.”

Shares fell 30 cents, or 2.6 percent, to $11.40 in after-hours trading following the release of results. Shares closed down 21 cents, or 1.8 percent, at $11.70 in the regular session.