Oclaro Inc (NASDAQ:OCLR) reported its financial data for the first quarter of FY2018, which closed September 30, 2017. Greg Dougherty, the Chief Executive Officer, expressed that the Oclaro team once again recorded impressive quarterly results, supported by their QSFP and CFP2-ACO product lines.
They recorded strong profitability and sequential revenue growth. Their near-term visibility comprises continued softness in China, supported by a recent decline in data center sales. Irrespective of the reduced outlook, they project to remain solidly profitable for the upcoming quarter, which would prove as a further testament to company’s strong financial model.
The financial performance
For FY2018, Oclaro reported revenues of $155.6 million compared to revenue of $149.4 million in the Q4 2017, and revenues of $135.5 million in the Q1 2017. GAAP gross margin came at 40.3% for the Q1 2018 versus GAAP gross margin of 41.1% in the Q4 2017, and GAAP gross margin of 34.2% in Q1 2017. Cash/cash equivalents, short-term investments and restricted cash stood at $279.8 million at the close of September 30, 2017. Non-GAAP gross margin came at 40.6% for the Q1 2018 versus 34.4% recorded in the same quarter, a year earlier.
Oclaro reported that GAAP operating income came at $31.2 million for the Q1 2018 as compared to $17.9 million in the Q1 2017. For the second quarter of FY2018, the company expects the revenue to come in between $135 million and $143 million. Non-GAAP gross margin in the Q2 2018 is projected to come between 36% and 39%, while non-GAAP operating income is projected in between $19 million and $23 million.
In the last trading session, the stock price of Oclaro jumped more than 3% to close the day at $6.19. The gains came at a share volume of 10.76 million compared to average share volume of 5.62 million. After the recent gains, the market cap of firm was noted at $1.04 billion.