EMCORE Corp shares rise on higher revenue in preliminary 4Q fiscal report

EMCORE Corporation (NASDAQ:EMKR) shares rose on Friday after it released higher than expected revenue number for its fiscal fourth quarter.

The company said revenue for the quarter ending September 30, 2018, came in between $24.2 million and $25.2 million, compared with previous revenue guidance for the quarter of $21 million to $23 million. The consensus estimate was at $21.96 million, while the year-ago sales figure stood at $29.18 million.

EMCORE said the main factors for the stronger revenue was higher levels of L-EML transmitter sales and completion of a long-term agreement with a major defense contractor, which results in higher Navigation product shipments during the period.

Shares of EMCORE were up 7% to $4.89, having hit a session peak at $5.10.

READ: EMCORE fiscal 2Q earnings miss on light revenue

“We saw a sharper rebound in CATV sales during the quarter than anticipated along with strength in our Navigation Business,” said EMCORE president and CEO Jeffrey Rittichier.

The transmitters feature a breakthrough optical device which consists of a high-powered, low noise, narrow linewidth laser combined with a modulator in a monolithic assembly.

It enables long-distance optical link performance approaching traditional lithium transmitters, but is more cost effective for targeted applications and far exceeds the performance of Distributed Feedback (DFB) laser-based systems.

EMCORE is a leading provider of advanced mixed-signal optics products that provide the foundation for high-speed communication network infrastructures and cutting-edge defense systems.

The company is based in Alhambra, California.

Contact Rene Pastor at [email protected]

Story by ProactiveInvestors