Emcore (EMKR) Narrows Loss, Closer To Profitability

EMCORE (EMKR) appears to be on the verge of profitability again after 3 years of losses (6 of past 7).  The company reported an EPS loss .02 on revenues of $48.2 million.  I see that only one analyst covers the stock and only see a revenue estimate of $45.5 million at Yahoo, so the company beats there.  That’s a big improvement over the .19/share loss the company reported in the year ago quarter and marks the 3rd straight quarter of sequential revenue growth.  The company sees sales next quarter just a bit higher at $49 – $51 million.  While EMCORE gets a majority of its revenues from its fiber optics products, its Photovoltaics division is seeing decent growth with its space solar products. 

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Shares of EMKR are up about 10% in after hours trading and will likely hold above the 50 day moving average tomorrow above about 1.28.  The stock has been very bullish in recent weeks, but pulled back quickly off the April high of 1.72, touching the buck level last week.  A move above the 50 would get it back on track.

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