EMCORE gains on Q4 guidance

EMCORE Corporation (NASDAQ: EMKR) raised its sales guidance for the fourth quarter.

The company, based in Alhambra, California, estimates its revenues for the quarter to be approximately $24.2 million to $25.2 million compared to its previous revenue guidance for the quarter of a range of $21 million to $23 million.

Certain principal factors that contributed to the higher than expected revenues in the quarter ended September 30, 2018 include: Higher levels of L-EML transmitter sales resulted in higher than expected revenues in the quarter; Completion of a long term agreement with a major defense prime contractor resulted in higher Navigation product shipments in the quarter.

Jeffrey Rittichier, EMCORE’s President and CEO commented, “We saw a sharper rebound in CATV sales during the quarter than anticipated along with strength in our Navigation Business.”

Rittichier went on to say, “We shipped record volumes of L-EML transmitters in Q4, including production shipments of all of the L-EML design wins that we recently announced.”

EMCORE Corporation is a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems.

Its optical chips, components, subsystems and systems enable broadband and wireless providers to continually enhance their network capacity, speed and coverage to advance the free flow of information that empowers the lives of millions of people daily.

Shares added 30 cents, or 6.6%, to $4.87

This article provided by NewsEdge.