Acacia Beats Q1 Expectations, But Forecasts Worse Q2 Results

By Claudia AssisMarketsMarketWatch Pulse

Shares of Acacia Communications Inc. fell more than 14% late Tuesday after the maker of fiber-optic products reported first-quarter earnings and sales above expectations but called for second-quarter results well below forecasts. Acacia said it earned $35.7 million, or 86 cents a share, in the first quarter, compared with $14.6 million, or 30 cents a share, in the first quarter of 2016. Adjusted for one-time items, the company earned $32 million, or 77 cents a share, compared with 44 cents a share a year ago. Revenue rose to $114.7 million, from $84.5 million a year ago. Analysts polled by FactSet expected adjusted earnings of $66 cents a share on sales of $112.5 million. The company said it expects sales of $85 million to $95 million in the second quarter, and an adjusted EPS of 22 cents to 35 cents. The analysts surveyed by FactSet expected adjusted EPS of 74 cents a share for the second quarter, on sales of $131 million. The shares ended the regular trading day up 3.3%.

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