In their report yesterday after the markets closed, Infinera revealed a strong fourth quarter and had good things to say about the first quarter of 2014. They thus start the year in a good position with the industry-wide 100G cycle still at an early stage. Here are their numbers in some context:
| $ in millions | Q4/12 | Q1/13 | Q2/13 | Q3/13 | Q4/13 | Guidance |
|---|---|---|---|---|---|---|
| Revenue | 128.1 | 124.6 | 138.4 | 142.0 | 139.1 | Q1: 137-143 |
| Non-GAAP Gross Margin % | 36% | 36% | 39% | 49% | 41% | Q1: ~40%, 2014: low 40%s |
| Operating Expenses | 61.8 | 57.6 | 60.3 | 55.8 | 56.0 | Q1: 56, 2013: 217 |
| Non-GAAP EPS | (0.05) | (0.06) | (0.01) | 0.10 | 0.00 | Q1: (0.02)-0.00 |
Revenues came in at the top of guidance for Q4, besting analyst expectations. And it looks like they may not pull back the way we usually see for Q1, as the company said on the call that they are “seeing increased urgencies in customers to complete deployments in Q1 and order gear to enable Q2 network turn up.” So guidance beat out analyst expectations as well.
Operating expenses were basically where they were supposed to me, so revenues at the high end of guidance meant non-GAAP earnings per share were also at the top of guidance, in this case at breakeven. The DTN-X gained three new customers during the quarter for a total of 42.
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