Exfo Electro-Optical Engineering Rises on Results - TheStreet

Exfo Electro-Optical Engineering (EXFO) - Get Report was up 11% in preopen Island trading after it posted a third-quarter net loss of 15 cents a share on revenue of $45.8 million, with a profit before charges of 11 cents a share. Analysts were expecting Exfo to earn 10 cents on revenue of $42 million. The fiber-optic testing equipment maker earned $19.4 million in the year-ago period.

Exfo announced cost-cutting measures, including a 15% reduction in its workforce, but reaffirmed its 2001 earnings forecast of 40 to 50 cents a share on revenue of between $150 million and $165 million.

Merrill Lynch

this morning downgraded the stock to neutral from accumulate.