Emcore Q2 Lower Than Guidance
Inventory accumulation at one major CATV customer contributed to lower than expected revenues
Emcore, a provider of advanced mixed-signal optics products, has announced preliminary financial results for its second fiscal quarter ended March 31, 2018.
Emcore expects its revenues for the quarter to be approximately $18M to $19M compared to its previous revenue guidance for the quarter of a range of $21M to $23M.
Factors that contributed to the lower than expected revenues in the quarter ended March 31, 2018 include: impact of a major CATV customer working through a large inventory accumulation was greater than anticipated, resulting in lower than expected revenues from the customer during the quarter; and late ordering by other CATV customers despite strong demand in the quarter.
Jeffrey Rittichier, Emcore's president and CEO commented: "CATV experienced significant demand shortfall from one major customer but saw bright spots in terms of LEML adoption and strength from our other customers. During the quarter, our Chip and Navigation businesses performed well and demonstrated the expected strength in demand."
These preliminary, unaudited results are based on the most current information available to management following its initial review of operations for the quarter ended March 31, 2018, and remain subject to completion of Emcore's customary closing procedures, including external auditor review.