Investors enthusiastically greeted the decision by New Focus to raise its fiscal year 2001 revenue forecast to $240 million. Wall Street expected the maker of components for fiber-optic networks to generate revenue of about $153 million for the year, the consensus estimate of six analysts surveyed by First Call. The San Jose, Calif.-based company attributed the guidance hike to additional revenue from the acquisition of JCA Technology, which it closed this month. Shares of New Focus closed up $10.81, or almost 22 percent, to $60.19.
The company also reported strong fourth-quarter earnings. Revenue grew to $33.9 million from $22.2 million in the previous quarter and $6.8 million in the year-ago period. New Focus reported a net loss of $2.3 million, or 4 cents a share based on 60.5 million basic shares outstanding. That compares with a net loss of $4.4 million, or $1.74 a share calculated on 2.5 million shares. Nine analysts surveyed by First Call expected the company to lose 3 cents a share.