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Ciena Q4 Profit Rises, Meets Estimates

ciena dec14 09dec21 lt

Networking systems firm Ciena Corp. (CIEN) reported on Thursday that profit for the fourth quarter increased from last year, driven by strong revenue growth despite supply chain challenges. Adjusted earnings per share met analysts' expectations and quarterly revenues topped them by a whisker.

"Our strong financial results exceeded our expectations in the fourth quarter and for the full fiscal year, driven by continued execution of our strategy and our demonstrated ability to manage supply chain challenges," said Gary Smith, President and CEO, Ciena

For the fourth quarter, the Hanover, Maryland-based company reported that net income grew to $103.50 million or $0.66 per share from $65.04 million or $0.42 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $132.71 million or $0.85 per share, compared to $94.52 million or $0.60 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter increased 25.7 percent to $1.04 billion from $828.48 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 $748.7 million from $531.6 million and revenues from Europe, Middle East and Africa increased to $170.8 million from $157.6 million, while Asia Pacific revenues declined to $122.0 million from $139.3 million last year.

On December 1, 2021, Ciena's Board of Directors authorized the repurchase of up to $1.0 billion of the Company's stock, replacing the previous share repurchase authorization. It will repurchase $250 million of its common stock under this authorization through an accelerated share repurchase (ASR) plan. The final settlement of the ASR is expected to be completed in the second quarter of fiscal 2022.

"Looking ahead, we intend to continue driving growth in our business by leveraging our market leadership and investing to capitalize on robust demand dynamics," Smith added.

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