When I last wrote on JDSU (Nasdaq:JDSU) about a year ago, I pointed out that there were encouraging signs across the business, and that if this historically boom/bust company could show some consistency the stock could perform well. Flash forward one year: severe flooding did real harm to a contract manufacturer; weak carrier spending rippled through equipment providers; and just about everybody started to worry about the sustainability of tech hardware spending.
A Good Quarter, But ...
JDSU actually had a surprisingly strong fiscal second quarter. Operations in Thailand recovered faster than anticipated and the company's sequential revenue decline of 2% was considerably better than Street analysts had predicted. Still, it was a tough quarter. Test revenue did rise almost 6% from the preceding quarter, but optical components and advanced technologies both saw declines (nearly 10 and 3%, respectively).
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