JDSU reported fourth-quarter earnings after trading Tuesday, with revenue exceeding guidance and gross margin at a 15-year-high.
JDSU chief executive Tom Waechter.
Revenue for the three-month period ending June 28 was $448.6 million, up from $418 million the quarter before and $421.3 million for the same quarter last year.
“Fiscal 2014 concluded with a solid finish ... and a 15-year record high gross margin for JDSU at 50%,” JDSU president and chief executive officer Tom Waechter said in a statement. “Looking ahead to fiscal 2015, we believe there are strong market drivers across our three business segments, and that we are well positioned with differentiated products and solutions to support our customers as they transition to software defined networks, network function virtualization and more dependency on cloud infrastructure.”
The company recorded a net loss of $25.4 million, or 11 cents per share. That compared with a $1.5 million or one cent per share net loss in the previous quarter. In the fourth quarter of 2013, the company recorded net income of $92.5 million or 38 cents per share, reflecting a tax benefit related to a release of deferred tax valuation allowances in foreign jurisdictions.
Net revenue for the fiscal year was $1.74 billion, up from$1.68 billion the year before. Net loss for the year was $17.8 million, or eight cents per share. In fiscal 2013, JDSU reported a net income of $57 million, or 24 cents per share.
“We remain focused on driving shareholder value and leveraging our balance sheet as we generated $176.6 million in operating cash and repurchased $160 million in stock in fiscal 2014,” Mr. Waechter said.