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Infinera (INFN) Q3 Loss Lower than Expected, Revenues Miss
Leading optical transport network developer, Infinera Corp. (INFN - Free Report) reported mixed financial results in the third quarter of 2016. While the top line failed to meet the Zacks Consensus Estimate, the bottom line was better than the same.
Infinera, 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) . Infinera currently carries a Zacks Rank #4 (Sell).
The company reported adjusted loss per share of 2 cents, which was narrower than the Zacks Consensus Estimate of a loss of 7 cents. Quarterly GAAP net loss was $11.2 million or a loss of 8 cents per share compared with the year-ago net income of $8.5 million or 6 cents.
Quarterly total revenue came in at $185.5 million, down 20.2% year over year, which was also below the Zacks Consensus Estimate of $196.3 million. Segment-wise, product revenues were $156.2 million, down 22.8% year over year. Services revenues dipped 2.8% to nearly $29.3 million. Domestic revenues contributed 82% to the total revenue, while the remaining 18% was generated from international markets.
In the first nine months of 2016, Infinera generated cash of $43.4 million from operations compared with $107.4 million recorded in the year-ago period. Free cash flow in the reported period was $10.5 million compared with $80.7 million in the year-ago period.
At the end of the third quarter of 2016, Infinera had $267.6 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 third quarter was $130.9 million compared with $123.3 at the end of 2015. Meanwhile, the debt-to-capitalization ratio was 0.14 against 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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