Infinera Corp. (NASDAQ:INFN) reported narrower-than-expected loss in third-quarter 2017. The company’s top also surpassed the Zacks Consensus Estimate.
The company reported net loss on a GAAP basis of $37.2 million or a loss of 25 cents per share as against the net income of $11.2 million or 8 cents in the year-ago quarter. Infinera’s adjusted loss of 11 cents was narrower than the Zacks Consensus Estimate of a loss of 16 cents.
Total revenues were $192.6 million, up 3.8% year over year, beating the Zacks Consensus Estimate of $190 million. Segment-wise, product revenues were $159.6 million, up 2.2% year over year. Services revenues increased 12.8% to nearly $33.0 million. Domestic revenues contributed 59% to the total revenues, while the remaining 41% was generated from international markets.
Total operating expenses in the reported quarter were $102.07 million, up from $95.5 million in third-quarter 2016.
In the quarter under review, Infinera’s cash from operations was a negative $37.23 million as compared with a loss of $11.3 million in the prior-year quarter.
At the end of the said quarter, Infinera had $122.04 million of cash and cash equivalents compared with $162.64 million at the end of 2016. Total debt at the end of third-quarter 2017 was $141.99 million compared with $133.59 million at the end of 2016.
The company provides digital optical networking systems to telecommunication carriers, cable operators and other service providers worldwide. It faces direct competition from the likes of Extreme Networks Inc. (NASDAQ:EXTR) , NETGEAR Inc. (NASDAQ:NTGR) and Brocade Communications Systems Inc. (NASDAQ:BRCD) . All these stocks currently carry a Zacks Rank #3 (Hold), while NETGEAR has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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