(Marketwire ) - JDSU (NASDAQ: JDSU) (TSX: JDU) today reported results for its third fiscal quarter ended April 2, 2011. Results are in improving QoQ or YoY as per details below. Company issued Q4 guidance in-line with analysts expectations.
On a GAAP basis, net revenue for the third fiscal quarter of 2011 was $454.0 million and net income was $38.6 million, or $0.16 per share. This compares to net revenue of $473.5 million and net income of $23.6 million, or $0.10 per share for the prior quarter, and net revenue of $332.3 million and net loss of $(11.9) million, or $(0.05) per share for the third fiscal quarter of 2010.
On a non-GAAP basis, net revenue for the third fiscal quarter of 2011 was $455.4 million and net income was $51.0 million or $0.22 per share. This compares to non-GAAP net revenue of $477.2 million and net income of $67.0 million, or $0.29 per share for the prior quarter, and non-GAAP net revenue of $332.9 million and net income of $23.2 million or $0.10 per share for the third fiscal quarter of 2010.
GAAP net income for the third fiscal quarter of 2011 included a tax benefit of $34.9 million related to a release of deferred tax valuation allowance for a foreign jurisdiction. The Company determined during the quarter that it is more likely than not such deferred tax assets will be realized. This tax benefit has been excluded from non-GAAP results.
"In fiscal Q3 JDSU reported strong financial results with year over year operating income growth of nearly 150%, as our strategy to operate as a diversified technology company provides the ability to navigate fluctuations that may occur in any one business segment and continues to positively differentiate JDSU's performance," said Tom Waechter, JDSU's President and Chief Executive Officer. "We benefited again this quarter from the strong mix of new products as the result of our collaborative innovation initiative evidenced by market share gains in our optical communications and test and measurement businesses."
JDS Uniphase Corporation Issues Q4 2011 Revenue Guidance In Line With Analysts' Estimates
( Reuters ) JDS Uniphase Corporation announced that for fourth quarter of 2011, it expects non-GAAP net revenue to be in the range of $455 to $475 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $470 million for fourth quarter of 2011.
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