Avanex Surges

Avanex (AVNX Quote) swung to profit, beating targets, and guided in line for the current quarter.

The Fremont, Calif., optical networking system maker posted an adjusted profit of $2.1 million, or a penny a share, for its fiscal first quarter ended in September. Those numbers compare to a pro forma net loss of $7 million or 3 cents a share in the year-ago period.

Sales for the quarter were $54.7 million, up 7% sequentially and 7% on a year-over-year comparison. Analysts had expected the company to break even on an adjusted basis with $54.1 million in sales for the fiscal first quarter, according to Yahoo! Finance.

"The first quarter was an outstanding quarter for the company," CEO Jo Major, said in a press release. "We are positioned well for profitable growth and to take advantage of growing bandwidth demand," Major continued. ...