Ciena Q1 Results Top Estimates

Networking systems firm Ciena Corp. (CIEN) reported on Monday that profit for the first quarter increased from last year, driven by strong 25 percent revenue growth despite supply chain challenges. Adjusted earnings per share and quarterly revenues topped analysts’ expectations.

In pre-market trading on the NYSE, Ciena shares are surging $4.78 or 9.74% to $53.87.

“We delivered record revenue in the first quarter, reflecting continued gradual improvement in the supply chain environment and strong customer demand for our market-leading technology,” said Gary Smith, president and CEO of Ciena.

For the first quarter, the Hanover, Maryland-based company reported that net income increased to $76.24 million or $0.51 per share from $45.82 million or $0.29 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $95.56 million or $0.64 per share, compared to $72.55 million or $0.47 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenue for the quarter increased 25.1 percent to $1.06 billion from $844.44 million in the same quarter last year. Analysts expected revenues of $1.03 billion for the quarter.

On a geographic basis, Americas revenues grew to $765.1 million from $595.1 million and revenues from Europe, Middle East and Africa edged up to $152.8 million from $150.8 million, and Asia Pacific revenues increased to $138.6 million from $98.5 million last year.

“With strong momentum across our business, supported by robust fundamental drivers and visibility provided by our backlog, we remain confident in our ability to continue to take market share,” Smith added.

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