Tech Industry

Sycamore Networks beats Street in 4Q

Sycamore Networks hurdled analysts' estimates in its fourth quarter Thursday, pocketing $20.4 million, or 8 cents a share, on sales of $90.4 million.

First Call Corp. consensus expected it to earn 6 cents a share in the quarter.

Sycamore Networks (Nasdaq: SCMR) shares closed off 1 7/8 to 158 ahead of the earnings report.

The $90.4 million in sales marks a 698 percent jump from the year-ago quarter when it lost $6.4 million, or 4 cents a share, on sales of $11.3 million.

"We are extremely pleased with our fourth quarter results and solid performance in our first year as a public company," said CEO Dan Smith in a prepared release. "We look forward to further broadening the range and reach of our product portfolio to create new optical service and technology value for our customers."

Last quarter, Sycamore beat the Street when it posted a profit of $11.7 million, or 5 cents a share, on sales of $59.2 million.

Its shares raced up to a 52-week high of 199 1/2 in March before plunging to a low of 47 1/4 in April.

Twelve of the 14 analysts following the stock rate it either a "buy" or "strong buy."

First Call Corp. consensus expects Sycamore to earn 28 cents a share in fiscal 2001.