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Oclaro Q2 Revenues Down

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Company hopes revenue to resume growth in June 'as the headwinds facing the industry begin to subside'

Oclaro, an optical communications company, has announced its financial results for Q2 2018, which ended December 30, 2017.

"The December quarter results were in line with our expectations. While revenue declined from the prior quarter, the team again delivered strong gross margin, profitability and cash flow," said Greg Dougherty, CEO, Oclaro.

"While we project March quarter revenue to be down sequentially, we anticipate another quarter of solid operating income. As the headwinds facing the industry begin to subside, and we ramp new products, our revenue is expected to resume growth in the June quarter."

Revenues were $139.3 million for Q2 2018. This compares with revenues of $155.6 million in Q1 2018, and revenues of $153.9 million in Q2 2017.

GAAP gross margin was 37.2 percent for Q2 2018. This compares with GAAP gross margin of 40.3 percent in Q1 2018, and GAAP gross margin of 39.5 percent in Q2 2017.

Non-GAAP gross margin was 38.4 percent for Q2 2018. This compares with non-GAAP gross margin of 40.6 percent in Q1 2018, and non-GAAP gross margin of 39.8 percent in Q2 2017.

GAAP operating income was $19.3 million for Q2 2018. This compares with GAAP operating income of $31.2 million in Q1 2018, and GAAP operating income of $33.4 million in Q2 2017.

Non-GAAP operating income was $24.5 million for Q2 2018. This compares with non-GAAP operating income of $34.6 million in Q1 2018, and non-GAAP operating income of $36.2 million in Q2 2017.

GAAP net income for Q2 2018 was $18.7 million. This compares with GAAP net income of $26.5 million in Q1 2018, and GAAP net income of $30.3 million in Q2 2017.

Non-GAAP net income for Q2 2018 was $23.1 million. This compares with non-GAAP net income of $34.5 million in Q1 2018, and non-GAAP net income of $36.3 million in Q2 2017.

GAAP earnings per diluted share for Q2 2018 were $0.11. This compares with GAAP earnings per diluted share of $0.16 in Q1 2018, and GAAP earnings per diluted share of $0.18 in Q2 2017.

Non-GAAP earnings per diluted share for Q2 2018 were $0.14. This compares with non-GAAP earnings per diluted share of $0.20 in Q1 2018, and non-GAAP earnings per diluted share of $0.21 in Q2 2017.

Cash, cash equivalents, and short-term investments were $290.1 million at December 30, 2017.

Outlook

The guidance for the quarter ending March 31, 2018 is: revenues in the range of $120 million to $128 million; non-GAAP gross margin in the range of 34 percent to 37 percent; and non-GAAP operating income in the range of $13 million to $17 million.


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