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Oclaro beats Street 1Q forecasts

SAN JOSE, Calif. (AP) _ Oclaro Inc. (OCLR) on Wednesday reported fiscal first-quarter net income of $26.5 million.

On a per-share basis, the San Jose, California-based company said it had net income of 16 cents. Earnings, adjusted for one-time gains and costs, were 20 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.

The optical communications company posted revenue of $155.6 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $154.7 million.

For the current quarter ending in January, Oclaro said it expects revenue in the range of $135 million to $143 million.

Oclaro shares have decreased 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.02, a climb of slightly more than 9 percent in the last 12 months.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on OCLR at