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    Infinera shares rise on 4Q earnings beat

    Associated Press – Fri, Feb 3, 2012

    NEW YORK (AP) — Shares of Infinera Corp. jumped Friday after the communications equipment maker reported fourth-quarter results that came in well ahead of Wall Street predictions.

    THE SPARK: Sunnyvale, Calif.-based Infinera said late Thursday that it posted a fourth-quarter loss of $19.4 million, or 18 cents per share, compared with a loss of $2.7 million, or 3 cents per share, in the same quarter last year.

    Excluding stock options, restructuring and other charges, the company posted an adjusted loss of $6.7 million, or 6 cents per share, compared with an adjusted profit of $7.6 million, or 7 cents per share, in the fourth quarter of 2010.

    Total revenue fell to $112 million from $117.1 million.

    Analysts, on average, expected a loss of 13 cents per share on $97.4 million in revenue, according to a FactSet poll.

    THE BIG PICTURE: Infinera officials said the results were better than they expected and credited them to continued strong demand from cable, tier one and wholesale service providers for the company's digital optical networks.

    In addition, Infinera said the development of its recently launched DTN-X optical network platform remains on track, with trials scheduled for this quarter and volume production set to begin in the second quarter. Meanwhile, there is strong customer interest in the platform, the company said.

    THE ANALYSIS: Citi analyst Kevin Dennean backed his "Neutral" rating for the stock, saying that while the DTN-X has "significant potential," even if everything goes well, it will be a while before the platform can start generating revenue.

    Jefferies analyst George Notter also backed his "Hold" rating for the company.

    "We're inclined to wait until we can more closely see the potential revenue momentum from the DTN-X product to get more constructive on Infinera shares," Notter wrote in a note to investors. "The wild card here remains acceptance by Tier 1 operators."

    THE SHARES: In heavy afternoon trading, Infinera shares jumped $1.12, or 15.3 percent, to $8.43 after peaking at $8.90 earlier in the day. Over the past 52 weeks, the company's shares have traded between $5.91 and $8.97.

     

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