E-Tek tops 3Q forecasts

Jan. 2, 2002 4:43 p.m. PT

E-Tek Dynamics (Nasdaq: ETEK) beat estimates in the third quarter.

After market close Tuesday, the maker of components for optical networks reported fiscal third quarter net income of $17.3 million, or 24 cents per share, excluding goodwill writedowns. First Call's survey of 16 analysts predicted a profit of 21 cents per share for the quarter ended April 1.

Including amortization, E-Tek earned $12.1 million, or 17 cents per share.

Third quarter revenue rose to $90.6 million, up 83 percent from $49.5 million in the year ago period.

Tuesday's announcement could mark the last quarterly report from E-Tek. The company currently expects its pending sale to rival JDS Uniphase (Nasdaq: JDSU) to be concluded in the second quarter of calendar 2000.

• 2HRS2GO: Antitrust worries ripple through Wall Street
• E-Tek rises on 2Q results, analysts' targets>