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Traders at Palma are Neutral on JDSU

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Traders at Palma are Bullish on JDSU

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JDS Uniphase Corp. (JDSU) reported a loss of 15 cents per share for the first quarter, wider than the Zacks Consensus Estimate of loss of 4 cents per share.
 
Net revenues were $297.8 million, compared to net revenues of $273.1 million for the prior quarter and net revenues of $273.1 million for the year-ago quarter.
 
Non-GAAP net revenues were $298.6 million, which includes $7.5 million from the acquisition of the Storage Network Tools business, increased 9% when compared to the previous quarter and decreased 21% when compared to the first quarter of fiscal 2009.

JDSU (JDSU) this afternoon reported revenue for its fiscal first quarter ended October 3 of $298.6 million, down from $377.3 million a year ago, but ahead of the $274 million posted in FY Q4, and the Street consensus of $291.8 million. The company, which sells optical networking products and test and measurement equipment, posted non-GAAP profits of 4 cents a share, beating the Street at 2 cents.

For the fiscal second quarter, the company sees revenue of $320 million to $345 million, ahead of the Street at $306.1 million.

In late trading, JDSU is up 33 cents, or 5.4%, to $6.40.

JDS Uniphase (JDSU) is trading for $5.76, down from $5.79, after announcing that 4Q came in near guidance and guiding up for 1Q10 (see conference call transcript here). 4Q sales were down 29% from 4Q08, and annual sales were down 15% from 2008.

JDSU's EPS and margins are basically meaningless because of restructuring, several unusual and one time expenses/incomes; take out the junk and they lost ~$0.29 a share 2009 (my numbers), far below what analysts were expecting for the year. 1Q10 revenue guidance is 283-300M with a 0% to +3% net margin.

JDSU (JDSU) posted revenue for its fiscasl fourth quarter ended June 27 of $276.1 million, down from $390.3 million a year ago, and below the Street consensus of $278.6 million. The company posted a non-GAAP loss of a penny a share; the Street had expected a loss of two cents. On a GAAP basis, the company lost $59.5 million, including $18.5 million in restructuring charges.

Non-GAAP gross margin rose to 42.3%, from 41.8% in Q3, and 40.9% a year ago.