EXFO Inc. reported unaudited consolidated earnings results for the first quarter ended November 30, 2017. For the quarter, the company reported sales of USD 63,391,000 against USD 61,785,000 a year ago. Earnings before income taxes were USD 4,419,000 against USD 5,265,000 a year ago. Net earnings for the period were USD 2,679,000 against USD 3,303,000 a year ago. Basic and diluted net earnings per share were USD 0.05 against USD 0.06 a year ago. Cash flows from operating activities were USD 2,386,000 against USD 879,000 a year ago. Purchases of capital assets were USD 1,991,000 against USD 1,237,000 a year ago. Adjusted EBITDA for the period was USD 6,059,000 against USD 6,321,000 a year ago.

The company forecasts sales between USD 59.0 million and USD 64.0 million for the second quarter of fiscal 2018, while IFRS net loss is expected to range between USD 0.08 and USD 0.04 per share. IFRS net loss includes USD 0.02 per share in after-tax amortization of intangible assets and stock-based compensation costs, USD 0.03 per share for acquisition expenses related to the Astellia transaction, USD 0.03 per share to account for the effects of the new US tax reform on EXFO's deferred US tax assets, and an anticipated foreign exchange loss of USD 0.02 per share.