Another day. Another disappointment.
Finisar Corp. (Nasdaq: FNSR) slashed earnings expectations in an announcement after market close Monday (see Finisar Lowers Q4 Outlook).
The company, which supplies components and test equipment to many makers of optical and storage area networking gear, blamed two factors: across-the-board order slowdowns and the now ubiquitous "general economic slowdown."
"Orders have been scheduled and rescheduled until they're a moving target... We wanted to warn analysts and investors right away," CEO Jerry S. Rawls told analysts on a conference call Monday night.
Finisar says earnings per share (EPS) will range from breakeven to a penny on revenues of $50 million to $55 million for the present fourth fiscal quarter of 2001. Previously, the company and analysts forecast quarterly EPS of about 4 cents on revenues of $60 million to $65 million. Finisar also lowered estimates for the coming year by about 36 percent. The company now expects revenues to fall between $275 and $375 million.
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