EMCORE Corp. clocks wider Q4 loss, receives order from South Korea
EMCORE Corp. (Nasdaq: EMKR), a provider of compound semiconductor-based components and subsystems, reported a wider-than-expected fourth-quarter net loss, while revenue clocked right in line with expectations.
Shares are headed higher this morning, however, as investors are focused on the firm’s announcement that it received a purchase order to supply 5.7 megawatts of concentrating photovoltaic systems for alternative energy projects in South Korea.
The small cap noted that coupled with the order was a letter of intent for follow-on projects of 14.3 megawatts, expected to be released within the next six months.
Additionally, EMCORE said it signed an agreement with DI Semicon, a semiconductor packaging company in Seoul, Korea, to form a joint venture with DI Semicon and other parties.
For the three months ended Sept. 30, the Albuquerque, N.M.-based company recorded a net loss of $16.2 million, or $0.32 loss per share, wider than the net loss of $0.08 per share eight analysts polled by Thomson Financial were on average forecasting.
Revenue was $47 million, right in line with the $47.46 million eight analysts polled by Thomson Financial were on average projecting. The current quarter revenue represents an increase of approximately 33% over the $35.4 million reported in the fourth quarter last year.
Shares of EMCORE (EMKR) gained $0.76, or 5.94%, to $13.55 in pre-market trading. Shares of EMCORE have been trading in the range of $3.84 to $12.85 for the past 52 weeks.
