October 28, 2010 / 9:27 PM / 9 years ago

UPDATE 1-Oplink Q1 beats Street, sees Q2 largely above estimates

* Q1 adj EPS $0.41 vs est $0.39

* Revenue up 48 pct at $49.6 mln vs est $48.7 mln

* Shares up 8 pct after mkt

Oct 28 (Reuters) - Oplink Communications Inc OPLK.O, which makes products for optical networking, posted better-than-expected quarterly results as production lead times normalized, and forecast second-quarter results largely above estimates, sending its shares up 8 percent in extended trade.

Production lead time is the period between the receipt of an order until its availability for shipment.

Earlier on Thursday, Oplink’s rival Oclaro Inc OCLR.O gave a cautious outlook for the December quarter after it faced a revenue slowdown in September, dragging down shares of optical components makers. [ID:nSGE69R0L4]

Oplink shares had closed down 15 percent at $15.25 on Nasdaq, while rivals Finisar Corp (FNSR.O) and JDS Uniphase Corp JDSU.O also closed down.

“With the continued growing demand on video transport and consolidated competitor landscape, we are optimistic about our long-term business opportunity, but near-term visibility remains limited,” Oplink Chief Executive Joe Liu said in a statement.

For the current quarter, the company expects adjusted earnings of 41-47 cents a share and revenue of $50-$53 million.

Analysts were expecting earnings of 42 cents a share on revenue of $51.1 million.

Oplink’s first-quarter net income more than tripled to $5.6 million, or 28 cents a share. Excluding items, the company earned 41 cents a share.

Revenue rose 48 percent to $49.6 million.

Analysts polled by Thomson Reuters I/B/E/S were expecting an adjusted profit of 39 cents a share and revenue of $48.7 million.

Oplink stock has fallen risen 7 percent since the Fremont, California-based company reported fourth-quarter results late July. It was trading up at $16.50 after the bell Thursday. (Reporting by Sayantani Ghosh in Bangalore; Editing by Anne Pallivathuckal)

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