Emcore Tops Fourth-Quarter Estimates
Emcore
(EMKR) - Get EMCORE Corporation Report
beat analyst expectations with a fourth-quarter profit of $788,000, or 2 cents a share, compared with a loss of $13 million, or 39 cents a share, in the year-ago quarter. For the fourth quarter, Wall Street was expecting a loss of 10 cents a share, according to Thomson Financial/First Call.
Revenue for the quarter rose 41% to $48 million, up from $34 million a year ago.
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The compound semiconductor product maker said its earnings this quarter were higher due in part to the sale of its interest in Uniroyal Optoelectronics, but it also forecast a revenue shortfall for 2002. The company expects 2002 revenue to fall 15% to 20% from 2001 levels.
Shares of Emcore closed up 8.14% to $12.75 Wednesday, having lost about 73% of their value so far this year.
