Ciena Posts a Strong Fiscal Q3

September 4th, 2013 by · Leave a Comment

After a couple years of digesting the former Nortel MEN business, Ciena (NASDAQ:CIEN, news, filings) has been coming on very strong lately.  The company's very strong fiscal third quarter was its third such performance in a row, easily beating expectations.  Here's a quick table with some context:

$ in millions FQ3/12 FQ4/12 FQ1/13 FQ2/13 FQ3/13 FQ4/13
(guidance)
-Converged Packet-Optical 246.5 238.1  240.0 294.3 302.0
-Packet Networking 30.2 47.3 45.8 54.2 61.6
-Optical Transport 89.8 71.8 57.6 57.4 66.2
-Software and Services 107.6 108.3 109.7 101.8 108.6
Revenue 474.1 465.5 453.1 507.7 538.4 550-580
Adj. OPEX 175.6 191.8 176.6 197.4 190.4 high 190s
Adj. GM% 39.6% 42.7% 44.6% 42.5% 43.6% low 40%s
Adj. EPS -0.04 -0.07 0.12 0.02 0.23

Revenues were on the high end of guidance and $5M or so above analyst estimates, powered by sequential growth across all product segments.  Combined with lower costs and higher margins, that led to adjusted non-GAAP earnings of $0.23 per share, six cents above forecasts.

Looking ahead, Ciena's projected revenue range for fiscal Q4 is for a midpoint of $565M, ahead of expections in the neighborhood of $550M.  So far the market likes what it sees, and the stock is up over 10% in premarket trading.

Categories: Financials · Telecom Equipment

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