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Infinera (INFN) Tops Q2 Earnings and Revenue Estimates
Leading optical transport network developer, Infinera Corp. (INFN - Free Report) reported strong financial results in the second quarter of 2016, wherein both the top and the bottom line outpaced the respective Zacks Consensus Estimate.
This Zacks Rank #4 (Sell) company, which provides digital optical networking systems to telecommunication carriers, cable operators and other service providers worldwide, faces direct competition from the likes of Ciena Corp. (CIEN - Free Report) , Netgear Inc. (NTGR - Free Report) and Cisco Systems Inc. (CSCO - Free Report) .
The company reported adjusted earnings per share of 15 cents, which were above the Zacks Consensus Estimate of 13 cents, backed by higher gross profit. Quarterly GAAP net income was $11.5 million or 8 cents a share, compared with the year-ago net income of $17.9 million or 13 cents a share.
Quarterly total revenue came in at $258.8 million, up 24.8% year over year, which also surpassed the Zacks Consensus Estimate of $256 million. Segment-wise, product revenues were $227.5 million, up 27.1% year over year. Services revenues increased 10.3% to nearly $31.3 million. Domestic revenues contributed 82% to the total revenue, while the remaining 18% was generated from international markets.
In the first half of 2016, Infinera generated cash of $38.2 million from operations, compared with $74.9 million recorded in the year-ago period. Free cash flow in the reported period was $14.9 million compared with $58.8 million in the year-ago period.
At the end of the second quarter, Infinera had $257.8 million of cash and cash equivalents and marketable securities compared with $149.1 million at the end of 2015. Total debt at the end of the second quarter was $128.3 million compared with $123.3 at the end of 2015. Meanwhile, the debt-to-capitalization ratio was 0.13 versus 0.18 at 2015 end.
INFINERA CORP Price, Consensus and EPS Surprise
INFINERA CORP Price, Consensus and EPS Surprise | INFINERA CORP Quote
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