Oclaro beats by $0.03, beats on revs; Co is being acquired by LITE
- Reports Q3 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.08; revenues fell 21.5% year/year to $127.3 mln vs the $124.37 mln Capital IQ Consensus.
- "As a result of the U.S. Department of Commerce recently re-imposing export sanctions on ZTE, we have temporarily suspended all shipments to, and activities with, ZTE. Despite the loss of ZTE as a greater than 10 percent customer for an indefinite period, we continue to believe our solid financial model and tight expense controls, when coupled with our highly differentiated products, will allow us to continue to demonstrate strong financial performance".
- Oclaro will not hold an earnings call, nor provide forward guidance for the fourth quarter of fiscal year 2018, due to the previously announced proposed acquisition of Oclaro by Lumentum Holdings Inc