Viavi Solutions Inc. (VIAV - Free Report) reported solid first-quarter fiscal 2022 (ended Oct 2, 2021) results, wherein both the bottom and the top lines beat the Zacks Consensus Estimate.
Bottom Line
On a GAAP basis, net loss in the quarter was $54.8 million or a loss of 24 cents per share against a net income of $19.7 million or 8 cents per share in the year-ago quarter. The deterioration was primarily due to higher operating and other expenses.
Non-GAAP net income was $58.2 million or 24 cents per share compared with $48.3 million or 21 cents per share in the prior-year quarter. The bottom line beat the Zacks Consensus Estimate by 3 cents.
Revenues
Quarterly total revenues grew 14.8% year over year, despite supply chain challenges, to reach a record of $326.8 million. The top line surpassed the consensus estimate of $311 million.
The result reflects end-market strength in fiber, wireless, and cable products in NSE (Network and Service Enablement) and demand for anti-counterfeiting and 3D sensing products in OSP (Optical Security and Performance Products). Viavi expects the strong momentum in NSE to carry over into 2022.
Segment-wise, revenues from NE were up 26.4% from the year-ago quarter to $204.9 million driven by an increase in fiber, wireless, and cable products. SE revenues grew 7.5% to $23 million led by growth in assurance and data center products. OSP revenues decreased 2.3% year over year to $98.9 million.
Region-wise, Viavi generated 37.2% of total revenues from the Americas, 38.6% from the Asia Pacific, and 24.2% from EMEA (Europe, the Middle East, and Africa).
Cash Flow & Liquidity
During the fiscal first quarter, Viavi generated $53.4 million of cash from operating activities. As of Oct 2, 2021, the company had $915.6 million in cash and cash equivalents with $800.7 million of long-term debt.
Q2 Guidance
For the second quarter of fiscal 2022 (ending Jan 1, 2022), Viavi expects revenues in the range of 296-$310 million. Non-GAAP earnings are estimated in the band of 18-20 cents per share.
Zacks Rank & Stocks to Consider
Viavi currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader industry are Harmonic Inc. (HLIT - Free Report) , Clearfield, Inc. (CLFD - Free Report) , and SeaChange International, Inc. (SEAC - Free Report) . While Harmonic and Clearfield sport a Zacks Rank #1 (Strong Buy), SeaChange carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Harmonic delivered a trailing four-quarter earnings surprise of 61.1%, on average.
Clearfield pulled off a trailing four-quarter earnings surprise of 49%, on average.
SeaChange delivered a trailing four-quarter earnings surprise of 28.9%, on average.
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No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
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Viavi Solutions Inc. (VIAV - Free Report) reported solid first-quarter fiscal 2022 (ended Oct 2, 2021) results, wherein both the bottom and the top lines beat the Zacks Consensus Estimate.
Bottom Line
On a GAAP basis, net loss in the quarter was $54.8 million or a loss of 24 cents per share against a net income of $19.7 million or 8 cents per share in the year-ago quarter. The deterioration was primarily due to higher operating and other expenses.
Non-GAAP net income was $58.2 million or 24 cents per share compared with $48.3 million or 21 cents per share in the prior-year quarter. The bottom line beat the Zacks Consensus Estimate by 3 cents.
Revenues
Quarterly total revenues grew 14.8% year over year, despite supply chain challenges, to reach a record of $326.8 million. The top line surpassed the consensus estimate of $311 million.
The result reflects end-market strength in fiber, wireless, and cable products in NSE (Network and Service Enablement) and demand for anti-counterfeiting and 3D sensing products in OSP (Optical Security and Performance Products). Viavi expects the strong momentum in NSE to carry over into 2022.
Segment-wise, revenues from NE were up 26.4% from the year-ago quarter to $204.9 million driven by an increase in fiber, wireless, and cable products. SE revenues grew 7.5% to $23 million led by growth in assurance and data center products. OSP revenues decreased 2.3% year over year to $98.9 million.
Region-wise, Viavi generated 37.2% of total revenues from the Americas, 38.6% from the Asia Pacific, and 24.2% from EMEA (Europe, the Middle East, and Africa).
Cash Flow & Liquidity
During the fiscal first quarter, Viavi generated $53.4 million of cash from operating activities. As of Oct 2, 2021, the company had $915.6 million in cash and cash equivalents with $800.7 million of long-term debt.
Q2 Guidance
For the second quarter of fiscal 2022 (ending Jan 1, 2022), Viavi expects revenues in the range of 296-$310 million. Non-GAAP earnings are estimated in the band of 18-20 cents per share.
Zacks Rank & Stocks to Consider
Viavi currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader industry are Harmonic Inc. (HLIT - Free Report) , Clearfield, Inc. (CLFD - Free Report) , and SeaChange International, Inc. (SEAC - Free Report) . While Harmonic and Clearfield sport a Zacks Rank #1 (Strong Buy), SeaChange carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Harmonic delivered a trailing four-quarter earnings surprise of 61.1%, on average.
Clearfield pulled off a trailing four-quarter earnings surprise of 49%, on average.
SeaChange delivered a trailing four-quarter earnings surprise of 28.9%, on average.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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