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VIAVI Announces Second Quarter Fiscal 2018 Results

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SAN JOSE, Calif., Feb. 1, 2018 /PRNewswire/ — VIAVI (NASDAQ: VIAV) today reported results for its second fiscal quarter ended December 30, 2017.

GAAP net revenue was $201.8 million, with net loss of $(3.7) million, or $(0.02) per share. Prior quarter GAAP net revenue was $195.2 million, with net loss of $(4.8) million or $(0.02) per share. GAAP net revenue for the second quarter of fiscal 2017 was $206.5 million, with net income of $49.2 million, or $0.21 per share.

Non-GAAP net revenue was $201.8 million, with net income of $20.2 million, or $0.09 per share. Prior quarter non-GAAP net revenue was $195.2 million, with net income of $25.3 million, or $0.11 per share. Non-GAAP net revenue for the second quarter of fiscal 2017 was $206.5 million, with net income of $23.6 million, or $0.10 per share.

“VIAVI’s fiscal Q2 revenue, non-GAAP operating margin and non-GAAP EPS all came in above the high end of our guidance,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.  “Strong service providers’ end market demand drove year-on-year revenue increase in the NE segment and OSP’s core business was stronger than expected.”

Khaykin added, “Looking ahead, we anticipate continued strength in network test spending and broader 3D Sensing product adoption in calendar 2018.”

Financial Overview:

The tables below (in millions, except percentage data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

Second Quarter Ended December 30, 2017

GAAP Results

Q2

Q1

Q2

Change

FY 2018

FY 2018

FY 2017

Q/Q

Y/Y

Net revenue

$

201.8

$

195.2

$

206.5

3.4

%

(2.3)

%

Gross margin

57.5

%

59.5

%

60.4

%

(200) bps

(290) bps

Operating margin

1.8

%

5.1

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