Emcore Corp. shares soared by more than 30 percent on Wednesday to close at $8.45 after posting stronger-than-expected revenue totals for the quarter ended Sept. 30.
The Alhambra manufacturer of fiber optics communications components generated $25.6 million in the quarter, topping an average forecast of $24.4 million by four analysts surveyed by Zacks. The company tallied a profit of $2 million for the quarter.
“A combination of strength in customer orders and improved manufacturing efficiency drove significant income generation in the fourth quarter and allowed us to finish the year strongly,” said Jeffrey Rittichier, president and chief executive of Emcore, in a statement.
The company reported consolidated revenue for fiscal year 2016 of $92 million and consolidated net income of $8.3 million. Earnings for the year were 10 cents a share.
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