Ciena Maintained Its Pace in Fiscal Q1

March 7th, 2014 by · Leave a Comment

Last year was a good one for Ciena, and they kicked off their fiscal 2014 with a strong first quarter.  Analysts were a bit miffed by guidance, but it looks overblown to me.  Here are their numbers in some context: 

$ in millions FQ1/13 FQ2/13 FQ3/13 FQ4/13 FQ1/14 FQ2/14
(guidance)
-Converged Packet-Optical 240.0 294.3 302.0 350.9 333.4
-Packet Networking 45.8 54.2 61.6 61.2 51.7
-Optical Transport 57.6 57.4 66.2 52.6 40.1
-Software and Services 109.7 101.8 108.6 118.7 108.5
Revenue 453.1 507.7 538.4 583.4 533.7 540-570
Adj. OPEX 176.6 197.4 190.4 210.5 199.8 ~210
Adj. GM% 44.6% 42.5% 43.6% 40.8 43.4% low 40%s
Adj. EPS 0.12 0.02 0.23 0.16 0.13

Revenues were on the higher side of guidance and right about where everyone thought they'd be.  But lower OPEX costs helped on the bottom line, as earnings per share came in six cents ahead of the street.  Forward guidance straddled the $560M or so analysts had in mind, but the midpoint was a bit lower.  Seems to me a bit of conservative forecasting ought to be part of the equation regardless.

Converged packet-optical's contribution rose to 63% of revenues, as their older optical transport product lines continued to fall off.

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Categories: Financials · Telecom Equipment

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