The company, which manufactures fiber optic components for communications equipment, announced early Wednesday morning that they expected to report first quarter revenue of $24.8 million, above previous guidance of $22.5 million.
By the time the market opened, Alliance Fiber Optic Products had reported their preliminary results with over 100% year-over-year revenue growth.
"For the first quarter of 2014, the Company expects to report the sales of approximately $24.8million, which represents 104% revenue increase from the year ago quarter and is 10% higher than the $22.5million revenue guidance issued on Feb 03, 2014," Alliance Fiber Optic Products said.
With their record quarterly sales the company also expects to announce record quarterly profits. Full first quarter results will be announced on April 24.
TheStreet Ratings team rates ALLIANCE FIBER OPTIC PRODUCT as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALLIANCE FIBER OPTIC PRODUCT (AFOP) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."