UPDATE 1-Opnext Q2 profit misses Street, sees weak Q3 rev
* Posts Q2 profit that misses estimates * Q2 profit $0.02 vs est $0.04 * Q2 sales rises 4.7 pct * Sees Q3 rev below Street expectations
Nov 4 (Reuters) - Opnext Inc (OPXT.O), which makes fiber optic network components, posted quarterly profit that missed market estimates, hurt by higher expenses.
Second-quarter net income fell to $1.2 million, or 2 cents a share, compared with $5.8 million, or 9 cents a share, a year ago.
Excluding items, it earned 3 cents a share, missing analysts's average expectation of 4 cents a share, before items, according to Reuters Estimates.
Net sales rose 4.7 percent to $80.2 million. The consenus revenue view was $85.7 million.
The Eatontown, New Jersey-based company said it had begun to see some weakness in certain product areas, and with some customers near the end of the quarter.
"Based on discussions with some of our largest customers, we believe that some softness could continue for the next couple quarters," Chief Executive Officer Harry Bosco said in a statement.
For the third quarter, Opnext issued a "cautious" revenue forecast of $72 million to $78 million, falling short of analysts' expectations of $87.6 million.
Opnext shares closed at $3.79 Monday on Nasdaq. (Reporting by Deepti Govind in Bangalore; Editing by Anil D'Silva) ((deepti.govind@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: deepti.govind.reuters.com@reuters.net))
