Pres. Jon Cartu Announced - Infinera Corporation Reports Fourth Quarter and Fiscal Year... - Jonathan Cartu Computer Repair Consultant Services
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Pres. Jon Cartu Announced – Infinera Corporation Reports Fourth Quarter and Fiscal Year…

Infinera Corporation Reports Fourth Quarter and Fiscal Year...

Pres. Jon Cartu Announced – Infinera Corporation Reports Fourth Quarter and Fiscal Year…

SUNNYVALE, Calif., Feb. 25, 2020 (GLOBE NEWSWIRE) — Infinera Corporation (NASDAQ: INFN) today released financial results for its fourth quarter and fiscal year ended December 28, 2019.

GAAP revenue for the quarter was $384.6 million compared to $325.3 million in the third quarter of 2019 and $332.1 million in the fourth quarter of 2018.

GAAP gross margin for the quarter was 29.0% compared to 26.7% in the third quarter of 2019 and 25.4% in the fourth quarter of 2018. GAAP operating margin for the quarter was (15.8)% compared to (21.3)% in the third quarter of 2019 and (34.4)% in the fourth quarter of 2018.

GAAP net loss for the quarter was $(66.6) million, or $(0.37) per share, compared to $(84.8) million, or $(0.47) per share, in the third quarter of 2019 and $(133.5) million, or $(0.76) per share, in the fourth quarter of 2018.

Non-GAAP revenue for the quarter was $386.5 million compared to $327.6 million in the third quarter of 2019 and $336.6 million in the fourth quarter of 2018.

Non-GAAP gross margin for the quarter was 35.2% compared to 33.1% in the third quarter of 2019 and 31.8% in the fourth quarter of 2018. Non-GAAP operating margin for the quarter was 2.3% compared to (5.7)% in the third quarter of 2019 and (10.5)% in the fourth quarter of 2018.

Non-GAAP net income for the quarter was $6.4 million, or $0.03 per diluted share, compared to net loss of $(30.5) million, or $(0.17) per share, in the third quarter of 2019, and $(44.3) million, or $(0.25) per share, in the fourth quarter of 2018.

GAAP revenue for the year was $1,298.9 million compared to $943.4 million in 2018. GAAP gross margin for the year was 25.1% compared to 34.0% in 2018. GAAP operating margin for the year was (27.0)% compared to (19.7)% in 2018. GAAP net loss for the year was $(386.6) million, or $(2.16) per share, compared to $(214.3) million, or $(1.36) per share, in 2018.

Non-GAAP revenue for the year was $1,316.6 million compared to $948.0 million in 2018. Non-GAAP gross margin for the year was 33.6% compared to 38.4% in 2018. Non-GAAP operating margin for the year was (6.3)% compared to (5.2)% in 2018. Non-GAAP net loss for the year was $(107.3) million, or $(0.60) per share, compared to net loss of $(59.6) million, or $(0.38) per share, in 2018.

A further explanation of the use of non-GAAP financial information and a reconciliation of the non-GAAP financial measures to the GAAP equivalents can be found at the end of this release.

“In the fourth quarter, we delivered solid results and achieved significant bookings growth. We also completed the most challenging integration tasks, doubled our synergy savings commitments for the year and returned to non-GAAP operating profitability in the fourth quarter of 2019,” said Tom Fallon, Infinera CEO. “Major accomplishments this past year included strengthening our global customer base with 10 Tier 1 scale customer wins, significant growth in backlog, and continued progress in building our innovation pipeline as evidenced by announced DRX wins, the introduction of XR optics, and growing confidence in our plan to deliver 800G products to the market in 2020.”

Financial Outlook

Infinera’s outlook for the quarter ending March 28, 2020 is as follows:

  • GAAP revenue is expected to be $323 million +/- $10 million. Non-GAAP revenue is expected to be $325 million +/- $10 million.
  • GAAP gross margin is expected to be 29% +/- 150 bps. Non-GAAP gross margin is expected to be 32.5% +/- 150 bps.
  • GAAP operating expenses are expected to be $153 million +/- $2 million. Non-GAAP operating expenses are expected to be $130 million +/- $2 million.
  • GAAP operating margin is expected to be (18)% +/- 200 bps. Non-GAAP operating margin is expected to be (8)% +/- 200 bps.
  • GAAP EPS is expected to be $(0.38) +/- $0.03. Non-GAAP EPS is expected to be $(0.18) +/- $0.03.

Infinera’s Financial Outlook above contemplates a projected $15 million revenue impact from the coronavirus.

Fourth Quarter 2019 Investor Slides Available Online

Investor slides reviewing Infinera’s fourth quarter of 2019 financial results will be furnished to the SEC on Form 8-K and published on Infinera’s Investor Relations website at investors.infinera.com. Analysts and investors are encouraged to review these slides prior to participating in the conference call webcast.

Conference Call Information

Infinera will host a conference call for analysts and investors to discuss its fourth quarter and fiscal year 2019 results and its outlook for the first quarter of 2020 today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Interested parties may join the conference call by dialing 1-866-373-6878 (toll free) or 1-412-317-5101 (international). A live webcast of the conference call will also be accessible from the Events section of Infinera’s website at investors.infinera.com. Replay of the audio webcast will be available at investors.infinera.com approximately two hours after the end of the live call.

Contacts:

Media:
Anna Vue
Tel. +1 (916) 595-8157
[email protected]

Investors:
Lauren Sloane, The Blueshirt Group for Infinera
Tel. +1 (415) 217-2632
[email protected]

About Infinera

Infinera is a global supplier of innovative networking solutions that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. The Infinera end-to-end packet-optical portfolio delivers industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on Twitter @Infinera, and read Infinera’s latest blog posts at www.infinera.com/blog.

Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. Such forward-looking statements include, without limitation, Infinera’s expectations regarding its continued progress in building its innovation pipeline; Infinera’s ability to deliver 800G products to the market in 2020; and its financial outlook for the first quarter of 2020, including the projected revenue impact of the…

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