Ciena (CIEN) Posts Surprise Q2 Profit as Top-Line Growth Outpaced Expenses
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Price: $15.87 -0.63%
Revenue Growth %: +8.7%
Financial Fact:
Products: 196.52M
Today's EPS Names:
CSS, STV, GIGM, More
Revenue Growth %: +8.7%
Financial Fact:
Products: 196.52M
Today's EPS Names:
CSS, STV, GIGM, More
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Ciena (Nasdaq: CIEN) shares are trading higher ahead of the bell Thursday following the issuance of its second-quarter 2012 results, which showed a surprise beat by the communications equipment giant.
Sales at Ciena rose 14.3 percent from $417.9 million during the same quarter last year to $477.6 million. The Street was looking for more modest revenue of $447.4 million.
Ciena narrowed its GAAP net loss from $62.7 million last year to $27.8 million, or 28 cents per share. Adjusting for items like share-based compensation as well as intangible asset amortization, Ciena swung to net profit of $3.7 million, or 4 cents per share. The Street was looking for a loss of 3 cents per share.
CEO Gary Smith credits strong operating performance to the results.
Despite the beat, adjusted gross margin compressed 170 basis points to 39.6 percent.
Accounts receivable fell 4.8 percent while inventories rose 5.5 percent through the quarter. Ciena generated $45.5 million of cash and equivalents in the period.
Looking to the third quarter, Ciena is modeling revs of $455 million to $485 million, versus Street expectations of $471.1 million. Adjusted gross margin should improve slightly to 40 percent.
Ahead of the bell, Ciena stock is up over 4.5 percent.
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Sales at Ciena rose 14.3 percent from $417.9 million during the same quarter last year to $477.6 million. The Street was looking for more modest revenue of $447.4 million.
Ciena narrowed its GAAP net loss from $62.7 million last year to $27.8 million, or 28 cents per share. Adjusting for items like share-based compensation as well as intangible asset amortization, Ciena swung to net profit of $3.7 million, or 4 cents per share. The Street was looking for a loss of 3 cents per share.
CEO Gary Smith credits strong operating performance to the results.
Despite the beat, adjusted gross margin compressed 170 basis points to 39.6 percent.
Accounts receivable fell 4.8 percent while inventories rose 5.5 percent through the quarter. Ciena generated $45.5 million of cash and equivalents in the period.
Looking to the third quarter, Ciena is modeling revs of $455 million to $485 million, versus Street expectations of $471.1 million. Adjusted gross margin should improve slightly to 40 percent.
Ahead of the bell, Ciena stock is up over 4.5 percent.
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