Ciena (CIEN) Rips Following Earnings Surprise; Issues Weak Revs Outlook
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Price: $395.79 +0.84%
EPS Growth %: +156.7%
Financial Fact:
Loss before income taxes: 37.41M
Today's EPS Names:
BTTX, VAXX, ELYS, More
EPS Growth %: +156.7%
Financial Fact:
Loss before income taxes: 37.41M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Ciena Corp. (NYSE: CIEN) is ripping higher Thursday morning, following a surprise third-quarter 2011 earnings beat.
Revenue in the quarter rose 11.7 percent from $389.7 million to $435.3 million. Consensus views called for revs of $443.3 million.
Ciena narrowed its net loss 71 percent, from $109.86 million to $31.45 million, or 33 cents per share. Adjusting for certain items, and Ciena had earnings of 8 cents per share, opposite the 8 cent loss expected by the Street.
Packet-Optical Transport saw 10 percent of revenue growth, to $266.5 million, but its share of overall revs fell from 62.1 percent to 61.3 percent. Both Packet-Optical Switching and Carrier Ethernet Service Delivery segments saw year-over-year increases in revenue and overall contribution.
Ciena also said non-U.S. customers contributed 48 percent of total revenue
"Despite current macroeconomic headwinds that could cause the rate of market growth to be moderated, we believe that we are well-positioned to capitalize on the continued modernization of today's networks and to grow faster than the market," commented CEO Gary Smith.
Looking ahead, Ciena sees fourth-quarter revenue of $440 million to $460 million, shy of the $474.5 million expected.
Ciena is about 13 percent stronger Thursday morning.
Revenue in the quarter rose 11.7 percent from $389.7 million to $435.3 million. Consensus views called for revs of $443.3 million.
Ciena narrowed its net loss 71 percent, from $109.86 million to $31.45 million, or 33 cents per share. Adjusting for certain items, and Ciena had earnings of 8 cents per share, opposite the 8 cent loss expected by the Street.
Packet-Optical Transport saw 10 percent of revenue growth, to $266.5 million, but its share of overall revs fell from 62.1 percent to 61.3 percent. Both Packet-Optical Switching and Carrier Ethernet Service Delivery segments saw year-over-year increases in revenue and overall contribution.
Ciena also said non-U.S. customers contributed 48 percent of total revenue
"Despite current macroeconomic headwinds that could cause the rate of market growth to be moderated, we believe that we are well-positioned to capitalize on the continued modernization of today's networks and to grow faster than the market," commented CEO Gary Smith.
Looking ahead, Ciena sees fourth-quarter revenue of $440 million to $460 million, shy of the $474.5 million expected.
Ciena is about 13 percent stronger Thursday morning.
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