Oplink Communications tops 1Q forecasts

Oplink Communications beat the Street in its first quarter as a public company Tuesday, posting a loss of $617,000, or breakeven on a per share basis, on sales of $32.3 million.

First Call Corp. consensus pegged the maker of fiber-optic components for a loss of 3 cents a share its fiscal first quarter.

Oplink (Nasdaq: OPLK) shares shaved off $1.81 to $25.69 ahead of the earnings report.

The $32.3 million in sales marks a 628 percent jump from the year-ago quarter when it lost $55,000 on sales of $4.4 million and a 76 percent improvement from the $18.4 million it recorded in the prior quarter.

"We are extremely proud of what we accomplished during the past quarter, in particular the completion of our initial public offering, better-than-anticipated financial results, and continued strong demand across all of our product lines," said President Fred Fromm in a prepared release.

Oplink enjoyed a strong initial public offering in October as its shares rallied up to a high of $40.81.

The stock pulled back to a low of $21.75 in late October.

All three analysts following the stock rate it a "buy."