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Infinera (INFN) Q1 Loss Lower than Expected, Revenues Top
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Leading optical transport network developer, Infinera Corp. (INFN - Free Report) reported strong financial results in the first quarter of 2017 wherein both the top line and bottom line surpassed the Zacks Consensus Estimate.
The company’s reported adjusted loss per share of 22 cents was a penny narrower than the Zacks Consensus Estimate. Quarterly GAAP net loss was $40.5 million or a loss of 28 cents per share compared with the year-ago net income of $12 million or 8 cents per share.
Quarterly total revenue came in at $175.5 million, down 28.3% year over year, but outpaced the Zacks Consensus Estimate of $173 million. Segment-wise, product revenues were $147.1 million, down 32% year over year. Services revenues dropped 0.9% to nearly $28.5 million. Domestic revenues contributed 53% to the total revenue, while the remaining 47% was generated from international markets.
In the first quarter of 2017, Infinera generated a mere $3 million of cash from operations compared with $10 million recorded in the prior-year quarter. Free cash flow in the reported quarter was a negative $11.7 million compared with $0.9 million in the year-ago quarter.
At the end of the first quarter of 2017, Infinera had $264.8 million of cash and cash equivalents and marketable securities compared with $304.3 million at the end of 2016. Total debt at the end of the first quarter of 2017 was $136.3 million compared with $133.6 at the end of 2016. At first-quarter 2017 end, the debt-to-capitalization ratio was 0.15 compared with 0.16 at 2016-end.
Infinera Corporation Price, Consensus and EPS Surprise
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 Brocade Communications Systems Inc. . The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
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Infinera (INFN) Q1 Loss Lower than Expected, Revenues Top
Leading optical transport network developer, Infinera Corp. (INFN - Free Report) reported strong financial results in the first quarter of 2017 wherein both the top line and bottom line surpassed the Zacks Consensus Estimate.
The company’s reported adjusted loss per share of 22 cents was a penny narrower than the Zacks Consensus Estimate. Quarterly GAAP net loss was $40.5 million or a loss of 28 cents per share compared with the year-ago net income of $12 million or 8 cents per share.
Quarterly total revenue came in at $175.5 million, down 28.3% year over year, but outpaced the Zacks Consensus Estimate of $173 million. Segment-wise, product revenues were $147.1 million, down 32% year over year. Services revenues dropped 0.9% to nearly $28.5 million. Domestic revenues contributed 53% to the total revenue, while the remaining 47% was generated from international markets.
In the first quarter of 2017, Infinera generated a mere $3 million of cash from operations compared with $10 million recorded in the prior-year quarter. Free cash flow in the reported quarter was a negative $11.7 million compared with $0.9 million in the year-ago quarter.
At the end of the first quarter of 2017, Infinera had $264.8 million of cash and cash equivalents and marketable securities compared with $304.3 million at the end of 2016. Total debt at the end of the first quarter of 2017 was $136.3 million compared with $133.6 at the end of 2016. At first-quarter 2017 end, the debt-to-capitalization ratio was 0.15 compared with 0.16 at 2016-end.
Infinera Corporation Price, Consensus and EPS Surprise
Infinera Corporation Price, Consensus and EPS Surprise | Infinera Corporation Quote
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 Brocade Communications Systems Inc. . The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>