Shares of Ciena (CIEN) Move Higher Amid Q1 Miss But Strong Outlook
Tweet
Share
E-mail
Get Alerts CIEN Hot Sheet
Price: $395.79 +0.84%
EPS Growth %: +156.7%
Financial Fact:
Amortization of intangible assets: 14.53M
Today's EPS Names:
BTTX, VAXX, ELYS, More
EPS Growth %: +156.7%
Financial Fact:
Amortization of intangible assets: 14.53M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Ciena Corp. (Nasdaq: CIEN) shares are moving sharply higher Wednesday morning following the company's first-quarter 2012 results and outlook.
Revenue dropped 3.8 percent from $455.5 million in the same period the prior year to $416.7 million. Ciena's net loss widened 66 percent from $47.65 million a year ago to $79.06 million, or 84 cents per share. After adjustments for one-time items like restructuring costs and share-based compensating, Ciena's loss narrowed to 14 cents per share.
Analysts on the Street were anticipating a loss of 5 cents per share on revs of $417.1 million.
"Our first quarter revenue reflects the combined effects of seasonality and longer customer deployment and revenue recognition cycles as a result of our greater mix of international and solutions-oriented sales," commented CEO Gary Smith. "We expect sequential revenue growth in the fiscal second quarter, and we anticipate that our operating results for the second half of fiscal 2012 will be stronger than the first half."
More of Ciena's top line came from Packet-Optical Switching and its Software and Services segments, at $43.4 million and $85.1 million, respectively.
Looking ahead, Ciena sees second-quarter revs of $435 million to $460 million and adjusted gross margins in the low-40 percent range. The Street sees revs of $449.1 million. Gross margin for the first quarter was about 47.8 percent.
Shares are about 8 percent higher pre-market Wednesday.
Revenue dropped 3.8 percent from $455.5 million in the same period the prior year to $416.7 million. Ciena's net loss widened 66 percent from $47.65 million a year ago to $79.06 million, or 84 cents per share. After adjustments for one-time items like restructuring costs and share-based compensating, Ciena's loss narrowed to 14 cents per share.
Analysts on the Street were anticipating a loss of 5 cents per share on revs of $417.1 million.
"Our first quarter revenue reflects the combined effects of seasonality and longer customer deployment and revenue recognition cycles as a result of our greater mix of international and solutions-oriented sales," commented CEO Gary Smith. "We expect sequential revenue growth in the fiscal second quarter, and we anticipate that our operating results for the second half of fiscal 2012 will be stronger than the first half."
More of Ciena's top line came from Packet-Optical Switching and its Software and Services segments, at $43.4 million and $85.1 million, respectively.
Looking ahead, Ciena sees second-quarter revs of $435 million to $460 million and adjusted gross margins in the low-40 percent range. The Street sees revs of $449.1 million. Gross margin for the first quarter was about 47.8 percent.
Shares are about 8 percent higher pre-market Wednesday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- CIENA (CIEN) PT Lowered to $550 at BofA Securities
- ATRenew Inc (RERE) Tops Q2 EPS by 8c ; Offers Guidance
- Boeing names Ryan Shedd as new SVP and controller
Create E-mail Alert Related Categories
Corporate News, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
