Emcore Corp. (EMKR) is a California-based fiber optic capable manufacturing company and Apple (AAPL) supplier.
And over the past few months, EMKR has benefited from broader tailwinds…
According to FactSet, EMKR in July announced that it received a $4.1 million supplemental contract to its long-term Fiber Optic Gyroscope (“FOG”) deal with defense company Raytheon Technologies (RTX).
Under the agreement, EMKR provides RTX with FOG modules that the defense contractor can use in its airborne optical targeting systems.
So far, EMKR has delivered more than 1,200 FOG units. And given the fact that the contract will run through February 2022, that number will likely continue to rise.
But that’s not the only thing benefiting EMKR…
In its third-quarter report, EMKR said the company’s earnings per share were $0.20 versus Wall Street’s expected $0.17. Its earnings before interest, taxes, depreciation, and amortization was $8.9 million compared to the consensus of $7.8 million.
Meanwhile, revenue was $42.7 million, beating the estimated $41.1 million. And in the company’s upcoming fourth quarter, it projects that revenue will be between $42 million and $44 million.
This shows that with a major contract in place, and a strong quarterly report, EMKR should continue to benefit from rising fiber optic technology demand.
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