Emcore up on Q3 revenue jump
Emcore Corp. (Nasdaq: EMKR) shares are up after the maker and marketer of semiconductor-based products reported a 23% jump in third-quarter revenue to $44.5 million, slightly above analyst estimates of $44.1 million and from $36.3 million a year earlier. Emcore’s net loss for the three months ended June 30 widened to $14.5 million, or $0.28 per share, worse than Wall Street estimates of a loss of $0.12 per share and from a loss of $6.2 million, or $0.12 per share, in the year-ago quarter.
“In our fourth quarter, revenues from our datacom and telecom sectors started to recover and we continue to see sustained growth in our photovoltaics business in both the satellite and terrestrial solar power markets,” CEO Reuben Richards said in a statement. “With this increase in revenue levels, we expect corresponding improvement in profitability to reach positive EPS in mid-2008.”
Looking ahead, Emcore said it continues to expect fiscal 2007 revenue of $170 million. Analysts project revenue of $169.2 million. The company also expects revenue of $49 million for the first quarter of fiscal year 2008.
In morning trading, EMKR shares are up 0.70%, or $0.07, at $10.10. Over the last 52 weeks, shares have ranged from $3.84 to $10.95.
