Ciena Reports 10% Hike in Fiscal Q2 Revenues
HANOVER, Md. -- Ciena Corporation (NYSE: CIEN), a network strategy and technology company, today announced unaudited financial results for its fiscal second quarter ended April 30, 2017.
For the fiscal second quarter 2017, Ciena reported revenue of $707.0 million as compared to $640.7 million for the fiscal second quarter 2016.
On the basis of generally accepted accounting principles (GAAP), Ciena's net income for the fiscal second quarter 2017 was $38.0 million, or $0.25 per diluted common share, which compares to a GAAP net income of $14.0 million, or $0.10 per diluted common share, for the fiscal second quarter 2016.
Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2017 was $72.3 million, or $0.45 per diluted common share, which compares to an adjusted (non-GAAP) net income of $52.4 million, or $0.34 per diluted common share, for the fiscal second quarter 2016.
“We delivered outstanding second quarter performance across all financial metrics, underpinned by positive market dynamics and a growing competitive advantage," said Gary B. Smith, president and CEO, Ciena. "We continue to win as an innovation powerhouse with global scale and deep customer relationships across a broad set of applications and market segments."
- Raw materials: $43.9 million
- Work in process: $12.9 million
- Finished goods: $204.4 million
- Deferred cost of sales: $85.1 million
- Reserve for excess and obsolescence: $(59.2) million
Business Outlook for Fiscal Third Quarter 2017
Statements relating to business outlook are forward-looking in nature and actual results may differ materially.
Ciena expects fiscal third quarter 2017 financial performance to include:
Revenue in the range of $710 to $740 million
Adjusted (non-GAAP) gross margin in the mid-40s percentage range
Adjusted (non-GAAP) operating expense of approximately $235 million
Ciena Corp. (NYSE: CIEN)